How To Start A Successful Mobile Money Business in Uganda

How To Start A Successful Mobile Money Business in Uganda

As years go by, the mobile money business continues to grow really fast, and more and more people are turning to it.  In this article, we will learn how to start a mobile money business in Uganda.

In Uganda, there are mobile services that help one transact money, some of which include;

1. M-cash

2. EzeeMoney

3. Micro pay

4. Africell

5. MTN

6. Airtel

7. Uganda Telecom

Mobile money generally deals with the transfer of money electronically to pay for goods and services via a mobile device. For one to become start a mobile money business, one has to become an agent. Some of the requirements of becoming an agent are as below;

Requirements of becoming an agent

1. One must have been registered as a limited company that has existed for one year or more.

2. Three months of Company Bank Statement is also needed.

3. A copy of the business certificate of Incorporation

4. An existing Business turnover of around 5 million Ugandan shillings per month.

5. A letter from the Local Council

6. Maps and photos of the agent premises.

Steps to start a mobile money business in Uganda

To start a successful business in Uganda, one has to do things and necessary permits one has to acquire. Some of the steps are as below;

  1. The first step is to know the type of business you want to start and acquire a unique business name.
  2. The next step is to register your company with the Register Company and later be issued with the certificate of registration. Register your mobile money business with the local authorities in your area. This makes potential clients trust the business and also helps the business run smoothly. After registration, you will obtain a trading license from the URSB- Uganda Registration Services Burial. When registering your business, you will be required to;

a) Search for a unique name for your boutique

b) Register the business and get a certificate of incorporation

c) Getting a taxpayer identification number

d) Acquiring a trading license

  1. Acquire all the necessary licenses from the Ministry of Health and Fire Department. This ensures the safety of your employees and yours and the consumer’s safety, especially businesses that deal with food.
  2. Register with the local authorities to get a trading license or operating permits.
  3. For Tax, purposes register with the Uganda Revenue Authority. Once you register your mobile money business in Uganda, you will be given a Tax Identification Number that will be like your account number.

Tips to start a mobile money business in Uganda

  1. Have a business plan that you will follow to the latter. It will help you manage your finances and not overspend.
  2. Advertise your business using posters and even on social media platforms. Tell your friends to tell other friends so that your business can grow.
  3. Study the strengths and weaknesses of other businesses in the same field as yours and get to know how they work with them.
  4. Look for a location with the target market. Urban places, near town centers, and shopping malls are some of the best places to start almost any business.
  5. Stock your business with the necessary equipment such as;

a) A dual sim card phone

b) Display table

c) Sim cards

d) Transaction books

e) A chair

This simple and easy article Was Last Updated on by Editorial Team

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