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How to Start M-PESA Agent Business In Kenya

How to Start M-PESA Agent Business In Kenya

May 9, 2023 1:04 pm

Kinlark-nafas Nafasi

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M-PESA being the leading service of mobile banking in Kenya has become every man’s solace when it comes to financial transactions.M-PESA has not only saved many the long back-breaking queues at the banks but has also created job opportunities for thousands not only in Kenya but also in other parts of Africa and the world at large.Here are the steps on how to start an M-PESA business incase you are interested but you just can’t figure out where to start from.

M-PESA Agent Requirements

One must be registered as a limited company or with at least 3 outlets ready to offer M-PESA under the company name of which the company must have traded for a 6months period minimum.A minimum of ksh.100,000 capital per outlet is to be availed upon approval of application.

Exceptional Requirements

Stand Alone Agents such as banks,hospitals and hotels among others are required of a minimum of one outlet and a minimum of ksh.200,000 as capital to run the business.

Applicants MUST present copies of:

Certificate of Incorporation
Form CR12
IDS of Office Administrators
Completed agent application forms

Non-Safaricom Dealers are to submit copies of:

Memorandum and Articles of Association
VAT and PIN certificate where applicable
Business permits for each of the outlets
Police Clearence Certificate
List of outlets inclusive of ALL the copies of documents mentioned ABOVE

M-PESA Agent key tasks include:

Registration of M-PESA customers
Depositing cash into registered customers’ M-PESA accounts
Processing cash withdrawals for registered M-PESA customers
Processing cash withdrawals for non-registered M-PESA customers
Customer Education
Compliance with Safaricom AML and KYC Policy
Branding of other outlets as per provided guidelines

Other forms to be filled include:

M-PESA Agent Head Office Application Form
M-PESA Agent Store Application Form
The Kenya Police Certificate of Good conduct Application

About the Author

Kinlark-nafas Nafasi

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Born amidst the bustling economic hub of Nairobi, Kinlark Nafasi's story is deeply rooted in the entrepreneurial spirit that defines Kenya's capital. As a young boy, Kinlark's inquisitiveness was piqued by the vibrant business activities around him, from the busy street vendors to the towering corporate offices that painted the city's skyline.

This early intrigue was the catalyst for his academic pursuits at one of Kenya's top universities, where he majored in Business Administration. While in university, Kinlark's natural flair for articulating complex business concepts and trends became evident. His articles, often peppered with astute observations and data-driven insights, caught the attention of not just his professors, but local business periodicals as well.

Upon graduation, Kinlark quickly established himself in the world of business journalism. His deep understanding of the African market dynamics, combined with a global perspective, made his writings invaluable. He covered a wide array of topics, from the challenges faced by startups in Nairobi to the macroeconomic policies shaping the East African community.

Kinlark's articles have since been published in renowned international business journals, earning him a reputation as a leading voice on African business matters. Beyond journalism, he has been instrumental in organizing business forums and conferences, fostering a dialogue between entrepreneurs, policymakers, and investors.

Today, Kinlark Nafasi continues to chronicle the evolving business landscape of Kenya and Africa as a whole. Through his writings, he endeavors to inspire the next generation of African entrepreneurs while providing critical insights to investors and business leaders worldwide.