Every Mobile Money Agent Needs Moni
In a world with growing technology, access to money is becoming a fast reality. Mobile money is an innovation to make financial inclusion possible in countries and communities with little or no access to banks. It is a digital platform that enables all sorts of financial transactions such as cash deposit, cash withdrawal, utility bills, savings and a lot more. A mobile money agent is the person who helps people with their financial transactions using mobile money. We are certain that you have seen people with kiosks and shops helping people deposit or withdraw money or you are interested in becoming one. If you’d like to know how to get started as a mobile money agent here in Nigeria, we have detailed out every step of that journey for you here.
Mobile money agents require a lot of things for the success of their businesses; the technology, registrations and getting a hot spot to set up shop is one thing while business continuity is another.
This is where Moni becomes a partner in the next level of their journey. Our goal at Moni is to help mobile money agents prosper!
We want to:
- Give them access to working capital for their businesses; up to 3 Million naira weekly.
- Help them increase their revenue and grow.
- Provide them with the support they need to build wealth and expand.
How does Moni do all these?
Moni gives mobile money agents access to float; which is the capital at hand or in their digital wallet to be used to meet the needs of customers who want to withdraw money, transfer money to someone else or pay their electricity bills. Moni ensures that there is money available with agents whenever demand is placed on them by people.
Because mobile money already is an innovative technology, Moni’s lending system had to be unique to be able to serve agents. We couldn’t afford the bureaucracy, the collateral demands, cumbersome documentation that traditional lending systems come with. We removed the bottlenecks and stress involved when agents want to access loans by coming up with CoFi. CoFi is Community Finance and at Moni, this is powered by social trust.
Our lending system is designed around social reputation. A Moni Agent is:
- A person who takes their mobile money business seriously
- Trustworthy and reliable
- Someone who people vouch for
To access the loans we give at Moni, an agent has to join a Cluster. A cluster is a group of agents who are in the same geographical area. Every cluster has a Cluster Head who is responsible for accepting or adding new agents into the cluster and ensuring that the cluster is thriving. Every Moni Cluster Head is also entitled to exciting benefits — Cluster Head benefits.
How do you join a Cluster?
With a Cluster code! Cluster codes are unique access cards to join a cluster in Moni. The codes differ from cluster to cluster and it also doesn’t guarantee automatic acceptance. The Cluster head is always on the look for trustworthy and reliable agents who would not affect the growth of their cluster or the success of their businesses.
How do you get a Cluster Code?
- Find a Cluster head or Moni agent near you. Introduce yourself and your business to them. Tell them your intentions to join their cluster and they can make it possible.
- In a scenario where you don’t know or can’t find a Moni agent near you, click here to join our waitlist. The Moni Waitlist is an exclusive list of agents who want to access float on Moni. Our team validates their businesses and connects them to the closest clusters to them.
Now that you have a Cluster code, download the Moni app from Google Play Store. We are launching on iOS soon.
Once these steps are completed and you are now in a Cluster, you are now eligible to get your first loan.
Now that you are now take loans on Moni, here a few things to note:
1. Know your Cluster Repayment Day — that is the day your loan must be repaid. You can repay your loan on or before this repayment day.
2. See your cluster members as your people. Connect and interact with them. If you are facing issues in your business, let your Cluster Head know. Don’t be a lone ranger in a pack.
Beyond the float, there’s also Moni Insure and the Cluster Purse. These are two other offers to ensure business continuity for Moni agents. Moni Insure is our insurance policy against theft while Cluster Purse is how we encourage agents to develop a healthy saving habit. You can learn how Moni Insure and Cluster Purse work here.
What are the perks of being a Moni Agent?
- Community: You belong to an exclusive group of agents who are trustworthy and ambitious. You now have instant access to people who do the same thing you do. In the Moni Community, we give aid and support that will help you thrive.
- Short loan life cycle: Our loans last for a week. You can get float for your business four times in a month.
- Flexible Interest Rate: Only Moni offers the interest rate we offer in the industry. We designed our interest rate to fit the needs of our agents.
- Insurance and Savings: A lot of mobile money agents face the risk of losing their cash in store or in transit to theft. Moni agents insure their loans and this means they can make a claim when they face such loss. We also encourage our agents to save a percentage of their loans to their Cluster Purse and when it accrues interest, they can withdraw to their bank accounts.
- Increase in Revenue: Agents who use Moni record high and quick transactions which ultimately results in an increase in profit. Because they have access to float whenever they need it and as quickly as they need it, their output is voluminous. There is no Moni agent that isn’t doing well.
Moni isn’t stopping at making float available. There are other products and services we are building that will help agents prosper, and our agents are at the frontlines of these launches and offerings.
