Morning talkers… Am looking to expand my mpesa biz by adding airtel money, coop, Kcb n equity agent. Where can I start, what are the requirements, how much do they cost etc etc. All info will be highly appreciated. Thanks 
I have no idea, but I wish you all the best bro!
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Panua panu, panu
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Jana ilikuwa garden city, leo ni huyu. SMH.
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f
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Walk into an airtel service center, a coop/equity/kcb bank and ask those questions…you will have to go there eventually anyway!
stop being fucking lazy.
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To do that you will need money. A lot of money! Running into millions!
The best advise expand na mayai boilo.
Hustle free six figure digits in profits every month ;);)
(usiambie mtu)
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Thank you very much Sir:)
[SIZE=6]START A BANK AGENCY BUSINESS[/SIZE]
kenyabusiness | June 17, 2015 | Low-Budget Ideas | 1 Comment
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With banking penetration levels growing in Kenya, major banks are locked in fierce competition for customers. Top banks in Kenya such as Kenya Commercial Bank, Equity Bank and Co-op Bank have taken this competition a step further by spreading their services such as deposits, withdrawals, utility payments and many others traditionally done in the banking halls to the streets and to residential areas.
The Central Bank of Kenya (CBK) licensed these banks to provide Agent Banking Services and the banks therefore have appointed a growing number of agents to serve their customers just like they would. The provision of Agent Banking services requires the banks to contract third parties as channels to offer banking services in line with the CBK Guideline on Agent Banking. As a customer, the advantage is that you do not have to go to the banking hall for the services.
As you walk around your local shopping centers and in streets in major towns, I am sure you have seen these agents among other businesses. These agents are fully mandated by the banks and Central Bank of Kenya to offer these services on behalf of the commercial banks. I am sure you are familiar with names such as KCB Mtaani, Equity Agent and Co-op Kwa Jirani. These are the names given to the agencies by various banks.
If you already have a running business, preferably an M-Pesa shop, pharmacy or Airtel Money, becoming a bank agent will be a good opportunity to make extra income and drive more traffic to your business. The banks do not recommend a stand-alone agent, but expect you to integrate it with another business which is already running.
Bank Requirements
The requirements are almost similar across the 3 banks. This is a guideline of the requirements. As stated above, to become an agent, the banks will expect you to be running a business and the business should be in a good catchment area and should also have potential to serve many customers. Your business should be fully licensed as you will be expected to attach copies of your current business permit and PIN. Your business should have been running for at least 12 -18 months for you to qualify as an agent. You will also be required to attach your statements of account, copy of ID, 2 passport sized photos, a certificate of good conduct and CV.
You will be expected to set aside Sh50,000 – Sh100,000 as initial float for the agency business in addition to a payment of Sh1,000 for CBK license approval. The bank will provide you with the swipe machine once your application is approved and you are ready to start the agency business.
Bank support
While in this business, the particular bank will provide you with support services such as free training to all your staff, transaction statements as and when required, customer care and 24hr helpdesk. The bank will also offer regular visits to your agency.
Income
Your income in this business will solely come from commissions on transactions carried out by bank customers in your outlet. The commission will be on a mutually agreed revenue share with the particular bank. This sharing ratio is at the discretion of the bank. Currently some are at 50:50, but you should confirm the exact ratio for each bank when you sign up for the business.
As an agent, you will receive bank customers for cash withdrawals, cash deposits, utility payments, balance inquiry, mini statements etc. The customer will be charged about Sh10-Sh50 depending on the transaction carried out and also depending on the bank, however, cash deposits are free. Most of the commission will be generated into the bank’s system and split based on the agreement reached between the bank and yourself as an agent.
All the commissions will then be automatically credited to your Agent Commission Account and statements will be generated monthly or at a period of your choice.
From the above, you can start to see that your exact amount of commission will depend on the number of transactions carried out in your outlet. Equity agents and Co-op Kwa Jirani record more customers that KCB Mtaani agents. The busier the outlet, the more you earn. Most agents report that they serve between 50 -80 customers in a day and the most accessed service is cash withdrawal. If your current business is busy and you would like more income, consider applying to be an agent of one of the major banks in Kenya.
Challenges
In this business, many agents report challenges which you should also be prepared to face. As you get into the business, it is good to expect some anxious moments. Many of them are bank related such as network delays or “hanging” or breakdown in the bank systems. These will affect your transactions and many of your customers will either be inconvenienced or not served at all, and that will be an opportunity to earn a commission lost.
Expect some of your customers to come without identification and expect you to serve them. Insist of some form of identification as you serve your customers to enhance security and integrity of the systems.
With these challenges, many agents are still doing well in their agency business therefore they should not discourage you. The agency business will bring in more customers to your business so, go for it today.
These are guidelines and the requirements for particular banks may vary. To get particular details for the banks, click below
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Thank you mboss :)
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lakini mbona kila mtu husema mayai ndo ina pesa na nobody takes into account that kuna watu wanauza mayai ata sai so its not like there’s a market gap