Requirements To Start A Mobile Money Business In Ghana

Mobile Money Business In Ghana

As someone staying in Ghana, there are a lot of business opportunities you can take advantage of to earn a decent income. One of these opportunities is the mobile money business.

During the COVID-19 pandemic, the use of cashless payments was encouraged to avoid the transmission of the virus, since then, the mobile money business has been on the increase with a lot of customers and business owners now encouraging it.

Although it was first introduced in Ghana in 2009, the mobile money business didn’t become popular until the pandemic period in 2020.

However, by simply helping people send money and make payments securely and affordably, you can earn a steady income as a mobile money business owner.

If you are interested in this kind of business, then this article is for you.

In this article, we’ll show you everything you need to know about the mobile money business in Ghana and how it works.

What Are The Advantages And Disadvantages Of Mobile Money Business In Ghana?

Advantages Of Mobile Money Business In Ghana

1. It Has An Easy Investment Withdrawal Option: In the mobile money business, your capital can be withdrawn at any time. And this allows you to meet up with speculation that requires cash immediately.

2. It Has A Passive Income Model: You can employ someone to run the business for you even in your absence.

3. A mobile money business is very easy to start and doesn’t require any technical knowledge or specialization.

4. It has a profitable commission rate.

Disadvantages Of Mobile Money Business In Ghana

One major disadvantage of the mobile money business is that it is a high-risk business. Any error or mistake in a transaction can cause a loss for you.

For example, if you overpay, there are greater chances that you won’t get your money back. Therefore, it is very important to be extremely careful while operating this business.

Is Mobile Money Business Profitable In Ghana?

Yes, the mobile money business is very profitable in Ghana. This is because it has become Ghanaian’s most preferred payment method.

As mobile money is increasing in popularity due to its convenience, it has made Ghanaians avoid the long queue at the bank to deposit or withdraw money. They now prefer using mobile money services and this has in turn made the mobile money business a lucrative venture.

How Much Do I Need To Start A Mobile Money Business In Ghana?

With a ranging capital of 10,000 Ghana cedis to 50,000 Ghana cedis, you can start a mobile money business in Ghana on a small scale.

And also, with an approximate capital of 100,000 Ghana cedis and above you can start a mobile money business in a big way.

Furthermore, your location and other factors like regulatory requirements play a vital role in determining the exact cost of starting a mobile money business in Ghana. And that is why it is very important to conduct market research to find out the exact estimation.

Also, note that the cost mentioned above is a rough estimate. You may require more or less due to the factors we also mentioned.

What Are The Required Steps To Start A Mobile Money Business In Ghana?

Here are just simple steps on how to start a mobile money business in Ghana:

1. Choosing The Right Mobile Money Services: This is the first step of starting a mobile money business in Ghana. However, before choosing any mobile service, you have to ask yourself these questions:

What are their charges? what are their criteria for approval?

These two questions will help you with in-depth research and getting knowledge on each mobile money service.

Meanwhile, below are the mobile money services and their requirements:

1. MTN Mobile Money: With this operator, you can start as a merchant and offer services like registering new sim cards, helping customers to deposit money to their MTN mobile wallets, and also assisting your customers to withdraw cash from MTN wallets.

Now the requirements for becoming an MTN mobile money agent are having a registered limited company, filling and submitting an agent recruitment form, filling and submitting the accounts handle form, and then meeting up with the code of ethics for merchants and agents.

The agent recruitment forms include details like business name and number, GPS location, and assigned bank details. And the account handler form includes details like date of birth, name, nationality, occupation, and location.

2. Vodafone Cash: This is another mobile money operator in Ghana. Meanwhile, for you to become a Vodafone cash merchant, you will need to fill out and submit a merchant application form.

The form details include name, address, VAT number, type of service, bank account, bank name, account name, business registration certificate, business regulation copies of certificate of incorporation, and copies of operator IDs.

3. AirtelTigo Money: AirtelTigo money services have gained popularity and so far gained over 400 retail outlets, with 2000 network locations. Their services are numerous. However, you have to submit an application and wait for approval.

2. Find A Good Location: You need to find a location with high traffic. When looking for a location, ensure that the place is populated and at the same time in an area where commercial activities take place. You can consider near schools or near marketplaces.

3. Choose The Type Of Services To Offer: The services offered by merchant agents are transferring money, buying airtime, paying bills, and salary disbursement. So you choose the type of services that move fast in your chosen location or as well offer all the services.

4. Grow Your Business: To grow your mobile money business in Ghana, you can start by putting up banners and posters to create awareness. This will let the people know that you offer mobile money services.

Furthermore, build strong relationships with people and offer excellent customer service. All these strategies will help you in growing your business and getting customers.


Starting a mobile money business in Ghana is very lucrative.

What is holding you from getting started? Why not take a bold step and become a mobile money agent in Ghana? There is a lot of money to be made and a lot of commission to be earned.

Get started today!

Ambassador Victor Chidera
Ambassador Victor ChideraAmbassador Victor Chidera is a business consultant, writer and a blogger. He provides lots of professional and expert advice to small businesses, entrepreneurs and organizations. He has many years of experience in business, teaching field, and research work. And his aim is to provide business articles that matters to you both nationally and internationally.
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