Hi, Breanice Starting an M-Pesa business in Kenya involves several steps:
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Research and Plan Understand the M-Pesa service, well before starting choose a strategic location where has a good movement of people , look how competition is in the choosen location.
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Register Your Business Register your business name with the Registrar of Companies. Is about ksh 1000 You'll need a business permit from your county government. Which is around 10000k annually.
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Apply for an M-Pesa Agency Visit the nearest Safaricom shop. You will need to meet their requirements, which typically include:
- A copy of your ID or passport
- A registered business name
- A strategic location for your business
- Financial capability to run the agency (Safaricom may require a deposit of around 35,000 as float and at least 15,000 cash at hand..
Attend Training Once approved, Safaricom will provide training on how to operate the M-Pesa system, handle transactions, and offer customer service. She will need a capital of ksh 67,500
-Business name registration : ksh 1,000 -Business permit ksh 10,000 -Initial start up ksh 50,000 (35,000 float +15,000 cash at hand) Rent ksh 5,000 Phone ksh 1,500
NB this is my research about 2years ago.