How to Start and Run a Mobile Money Agent Business in Kenya

This guide will cover everything you need to know on how to start a money agent business in Kenya, step by step. Let's get started.

Carson O.
8 Min Read
Mobile Money Agent ShopCourtesy

Are you an entrepreneur looking for new business opportunities in Kenya? Have you considered becoming a mobile money agent?

Mobile money services like M-Pesa, Airtel Money, and bank agents have exploded in Kenya. They allow customers to send money, pay bills, deposit into bank accounts, and more all through their phones.

With this rapid adoption, the need for mobile money agents has skyrocketed too. These are the folks who handle deposits and withdrawals for mobile money users.

It has become a trendy and potentially lucrative business for many entrepreneurs across Kenya.

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But how exactly do you start a mobile money agent business? What are the requirements and operational processes for platforms like M-Pesa versus Airtel Money or bank agents?

This guide will cover everything you need to know step by step. Let’s get started!

An Introduction to Mobile Money in Kenya

First, a quick intro for those less familiar with the mobile money landscape in Kenya:

  • M-Pesa – Launched in 2007 by Safaricom and Vodafone, it quickly became the dominant platform handling billions in transactions per year.
  • Airtel Money – Airtel Africa also offers Airtel Money mobile financial services and has solid adoption as Kenya’s second-largest telecom.
  • Bank Agents – Many banks like Equity Bank also leverage agents as cash in/out locations for customers.
  • Agent Networks – These licensed individuals and businesses handle the cash deposits and withdrawals that keep mobile money liquidity flowing.

So in summary – mobile money platforms allow digital financial transactions via phone, while agents facilitate the cash that feeds this whole ecosystem.

It’s a wildly successful model has brought financial services to millions of Kenyans.

Operating as a mobile money agent lets you capture a slice of these billions of shillings flowing through platforms like M-Pesa each year.

Let’s explore the requirements for each…

How to Become an M-Pesa Agent in Kenya

Since Safaricom’s M-Pesa commands 75%+ market share in Kenya, it’s the most widely used agent opportunity.

Here’s an overview of signing up as an M-Pesa agent:

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M-Pesa Agent Requirements

To qualify as an M-Pesa agent and register an outlet, you must fulfil these requirements:

  • Be a registered business, sole proprietor, or limited company
  • Provide documentation like ID, business permit, KRA PIN, lease info etc
  • Have adequate liquid cash flow for float management
  • Complete training and equipment setup
  • Activate a dedicated till number

M-Pesa Agent Application Process

  • Submit agent application form – Provide business docs and owner ID
  • Vetting process – Safaricom reviews application for approval
  • Training – Complete required agent education modules
  • Till setup – Activate your SMS-linked till number
  • KRA registration – Acquire an official receipt book for cash deposits and withdrawals

It takes 1-2 weeks from submission to approval, plus another week for setup and training.

Managing Cash Flow as an M-Pesa Agent

A key operational requirement for any mobile money agent is actively managing the cash float.

This refers to your liquid cash reserves that fund customer withdrawals. It must align closely with your transaction volumes.

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Initially, Safaricom provides float credit to get new M-Pesa agents started. But expect to invest upwards of KES 100,000 of your cash within a few months.

Be ready to continuously deposit and withdraw to balance against client activity. Strong cash flow management is mandatory.

Attention: Best Leading Mobile Loan Apps in Kenya

Now let’s contrast this with Airtel Money requirements…

Becoming an Airtel Money Agent in Kenya

Given their 30%+ % Kenyan market share, Airtel Money is another solid agent business opportunity.

Here are the quick facts on signing up with them:

Airtel Money Agent Requirements

  • Registered business entity
  • Reputable location with security
  • Startup capital of KES 50,000+
  • Complete training certification
  • Commit to exclusive partnership

Airtel Money Agent Application Process

  • Submit interest via the website
  • Business evaluation
  • Sign exclusive agent contract
  • Undertake training
  • Activate merchant ID, float, and tools

The approval decision happens within a week generally. Then they schedule training and outlet setup.

One key difference versus M-Pesa – Airtel requires an exclusive partnership contract with their agents. You cannot work with other mobile money platforms.

Cash Float Considerations

Like M-Pesa, you must actively manage your cash reserves to fund withdrawals. Airtel provides initial float support, but sufficient working capital is mandatory long term.

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Expect to invest at least KES 75,000-100,000.

Read more here.

How to Become a Bank Agent in Kenya

In addition to telcos like Safaricom and Airtel, many Kenyan banks leverage external authorized agents to extend financial services across wider geographies.

Let’s use Equity Bank as a popular example.

Here’s an overview of their agent onboarding process:

Equity Bank Agent Requirements

To qualify as an Equity Bank agent, you’ll need:

  • Registered business entity
  • Reputable location
  • Clear CRB credit check
  • Cash float capital of KES 50,000+
  • Complete training program

Equity Bank Agent Application Process

  • Submit an agent interest form
  • Vetting and credit check
  • Bank visits proposed premises
  • Sign agent agreement contract
  • Undertake specialized training
  • Activated with tools and float

It generally requires 2-3 weeks from form submission to approval and activation.

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Key Operational Responsibilities

As an authorized Equity Bank branch agent, your core responsibilities include:

  • Customer Registration
  • Deposits and withdrawals
  • Account balance checks
  • PIN change requests
  • Mini-statement printing
  • Application form submission
  • Managing liquidity

These services mirror a physical bank branch while reaching new geographies.

Properly tracking and settling transactions becomes very important with audits and spot checks.

Additional Tips and Considerations

Here are some final best practices when aiming to start or run a mobile money agency in Kenya:

  • Submit applications to multiple networks to gauge approvals
  • Thoroughly review agreement terms before signing contracts
  • Expect delayed float funding at first – have backup capital
  • Integrate with mobile money software tools where possible
  • Market your agency location through multiple channels
  • Expand outlets once operations are stable

And that wraps up this detailed guide on launching a profitable and sustainable mobile money agent business!


Kenya’s mobile money revolution has created life-changing income potential for agents nationwide.

I hope this article properly equips you to pursue this highly lucrative entrepreneurial path.

With the right strategic approach, hard work, and persistence, the economic freedom we all strive for is certainly within reach.

So carpe diem! Seize the day and opportunity to build a better life by kickstarting your mobile money agency today.

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I am a multi-faceted professional with a strong foundation in Business and Finance, honed since 2020. Additionally, I possess a deep passion for automobiles, serving as an avid car enthusiast. In parallel to my diverse interests, I am also a dedicated student pursuing a career in the medical field.
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