How to Start a Mobile Money and Banking Agency Business in Kenya.

Visit Website.
What\'s this?
1 Quotex logo without background
  • DEMO account
  • Trade with $1
  • Up to 98% RoR
  • $10 Min Deposit
Register and get $10,000 on a demo account for learning to trade.

Mobile and bank deposits and withdrawals have become part of day to day life of almost every Kenyan.

People always depositing money into their M-PESA, Airtel Money, Telkom Kash, Equity bank, Co-operative bank, and KCB accounts, among other mobile wallets.

In equal measure, others are always withdrawing money they just received into those accounts.


Does that in any way sound as if mobile and bank money deposits and withdrawals are vanishing anytime soon?

Definitely not!

The interesting bit of it all is that those money deposits and withdrawals are done via Mobile Money and Banking agencies who carry out such transactions every day.

An agent comes in the gap to provide the medium for depositing and withdrawing money and in return, they earn commissions for both services.

Now that you know that an agent will earn commissions to mediate deposits and withdrawals concerning Mobile and Bank Money. Can’t you be that agent and tap in on those awesome commissions on the Mobile Money and Banking Agency business?

Interestingly, the banking agency business is one of the most profitable businesses in Kenya in 2020.

Mpesa Agency in Kenya

What to consider when starting a Mobile Money and Banking Agency in Kenya


You can locate your Mobile Money and Bank Agent business along a busy street or a strategic corner where people are always passing by and can clearly see from afar.

That way, you will attract passersby and people from far away all alike.

a. M-PESA and Banking Agent Requirements.

M-PESA is the most profitable and robust Mobile money network.

Realize that there are two types of M-PESA outlets. Decide which of the two to start by considering their requirements below.

Standard outlet:-

First, to get started,

  1. Have a registered limited company in business for at least 6 months.
  2. At least 3 outlets ready to offer M-PESA services.
  3. Have a minimum investment of Ksh.100,000 for float purchase.
  4. Provide Safaricom with business permits for each M-PESA outlet.
  5. Send Safaricom your VAT and Tax certificates.
  6. Provide Safaricom with a Banking license from a reputable financial institution
  7. Fill the M-PESA Agent head office application form.
  8. Fill the M-PESA Agent store application form.

Head Office Application FormMpesa Head Office Application Form

Second, after you have submitted your forms, met all requirements and been given an Agent number;

  1. Brand your M-PESA outlet following the Safaricom branding protocol.
  2. Decide whether to run the outlet yourself or employ a reliable and competent person.

Third, your roles will be to;

  1. Process withdrawals for registered M-PESA users.
  2. Deposit money into accounts of registered M-PESA users.
  3. Register new M-PESA users.
  4. Be in compliance with Safaricom’s business practices.

Sub-dealer outlet:-

  1. Work under a licensed M-PESA agent by;
    • Buying their M-PESA line.
    • Paying them a commission for using their lines.
  2. Have a minimum investment of Ksh.20,000 – Ksh.40,000.
  3. Perform roles similar to those of the standard outlet you work under.

b. Equity Bank Agent Requirements.

First, to become an Equity Agent, you need the following:

  1. An existing business that has been operating successfully in the same location for a minimum of 12 months.
  2. Valid business permits for the business.
  3. A strategic business location which is accessible, visible and secure.
  4. A good reputation and high moral standing.
  5. An excellent reach and catchment area.
  6. Brief description of commercial activity for the last 12 months.
  7. Current bank statements for the last 6 months.

Second, after you have met that threshold:

  1. Fill and submit the Agency Banking application form to Equity bank.
  2. Submit your filled and signed application form together with the following documents:

Requirements for Equity Bank Agency

  • National ID and copies for principal applicant(s) to Equity bank.
  • A certificate of good conduct to Equity bank.
  • A brief description of commercial activity for the past 12 months (business profile).
  • Bank and/or Loan statements from any other institution for the past 12 months.
  • Three (3) copies of the pre-signed Equity Agent Contract to accompany the application.
  • Copy of certificate of incorporation or certificate of registration of the business name as applicable.
  • Articles and memorandum of association/Partnership deed where applicable.
  • Board resolution (applicable to companies and partnerships).
  • Valid business license or permit for any lawful commercial activity carried on by the entity.
  • Audited financial records for the past 12 months.
  • Sketch map for business and home location.
  • Credit Reference Bureau report (CRB).
  • Two passport size photos for every applicant.
  • Curriculum vitae (CV) of all the applicants.

Third, attach three colored photos of the business outlet showing:

  • Interior view of premises from the door.
  • Interior view showing stocks.
  • Outside view – 15 meters from the door showing nearby premises.

c. KCB Bank Agent Requirements.

This is what is required to become an agent: –

  1. Have a bank account with KCB.
  2. Two colored passport size photos.
  3. Pin certificate.
  4. Identification document.
  5. A valid certificate of good conduct.
  6. Business license.
  7. The existing business must have operated for a minimum of 12 months.
  8. Fill application forms from the nearest KCB branch.

d. Co-Operative Bank Agent Requirements.

You don’t have to be a Co-op Bank account holder to apply to be an agent.  Customers, non-customers, SACCO-link members, co-operatives, MCU customers, SME customers and corporates can all be Co-Op Bank Agents.

To become an agent;

  1. Visit your nearest Co-op Bank branch.
  2. Fill in an application form.
  3. Submit the following documents along with the application form for individuals:
    • Certificate of good conduct.
    • PIN certificate.
    • Bank statements if you are not a Co-op Bank account holder.
    • Business permits for the last 12 months.
    • Current business permit.
    • Certificate of registration.
    • Copy of ID or equivalent.
    • Two passport size photographs.
    • Business owners’ or directors’ CVs.
    • CBK Form 3 & CBK Form 4 witnessed by Commissioner of Oaths.
  4. For corporates and SACCOs, the following additional documents will be required:
    • Audited books of accounts for the last two years.
    • Resolution to carry out agency banking.
    • SASRA approval for FOSA’s.
    • VAT registration (where applicable).
  5. Pay the applicable fees to facilitate approval:
    • CBK application fee of Ksh.1,000.
    • Float placement – Determined by customer limit which is arrived at during appraisal.

Capital required for a Mobile Money and Banking Agency business.

The capital depends on what really you want to locate your business.

As mentioned earlier, being an M-PESA agent may require a minimum of Ksh.100,000. If you want to add Bank Agency in the equation, you may need more. Let us generally say that you may need Ksh.100,000 – Ksh.500,000 to be a well-established Mobile Money and Bank Agent.

How profitable is a Mobile Money and Banking Agency?

How profitable is the mobile banking business?

M-PESA Agent Commissions.

M-PESA Deposit commissions.

Amount Commission in Ksh
50-100 4
101-510 8
511-1,010 9
1,011-1,510 10
1,511-2,510 11
2,511-3,510 12
3,511-5,010 14
5,011-7,510 20
7,511-10,010 28
10,011-15,010 40
15,011-20,020 55
20,021-25,020 71
25,021-30,020 87
30,021-35,020 103
35,021-40,020 119
40,021-45,020 135
45,021-50,020 150
50,021-60,020 190
60,021-70,000 190

M-PESA Withdrawal Commissions.

 Applicable Commission in Ksh.
Amount (Ksh)  Registered           Unregistered
10-49 N/A N/A
50-100 Ksh.5 N/A
101-500 Ksh.8 Ksh.8
501-1000 Ksh.10 Ksh.10
1,001-1500 Ksh.12 Ksh.12
1,501-2500 Ksh.15 Ksh.15
2,501-3500 Ksh.20 Ksh.20
3,501-5000 Ksh.25 Ksh.25
5,001-7500 Ksh.30 Ksh.30
7,501-10000 Ksh.35 Ksh.35
10,001-15000 Ksh.45 Ksh.45
15,001-20000 Ksh.60 Ksh.60
20,001-25000 Ksh.65 Ksh.65
25,001-30000 Ksh.70 Ksh.70
30,001-35000 Ksh.70 Ksh.70
35,001-40000 Ksh.100 N/A
40,001-45000 Ksh.150 N/A
45,001-50000 Ksh.180 N/A
50,001-70000 Ksh.200 N/A

Equity Bank Agent Commissions.

Equity Bank Withdrawal Commissions.

  • 100 -2500 – Ksh.15
  • 2,501 -5,000 – Ksh.25
  • 5,001 -10,000 – Ksh.35
  • 10,001 -20,000 – Ksh.60
  • 20,001 -35,000 – Ksh.70
  • 35,001 -50,000 – Ksh.90
  • 50,001 and above- Ksh.120

Equity Bank Deposits Commissions.

  • 100 -5,000 – Ksh.10
  • 5,001 -10,000 – Ksh.15
  • 10,001 -20,000 – Ksh.20
  • 20,001 and above – Ksh.30

Other services and their commissions.

  • Account Opening – Ksh.100
  • Eazzy 24/7 – Ksh.30
  • Account Reactivation – Ksh.50
  • Beba – Ksh.50
  • E hapo hapo – Ksh.50

KCB Bank Agent Commissions.

KCB Bank Deposit Commissions.

  • 100 – 10,000 – Ksh.10
  • 10,001 –  20,000 – Ksh.15
  • 20,001 – 50,000 – Ksh.20
  • 50,001 – 75,000 – Ksh.25
  • 75,001 – 100,000 – Ksh.30

KCB Bank Withdraw Commissions.

  • 100 – 2,000 – Ksh.10
  • 2,001 -5,000 – Ksh.15
  • 2,501 -5,000 – Ksh.16
  • 5,001 -10,000 – Ksh.26.50
  • 10,001 -20,000 – Ksh.37.50
  • 20,001 -35,000 – Ksh.52.50
  • 35,001 -50,000 – Ksh.52.50
  • 50,001 -75,000 – Ksh.92.50
  • 75,001 -100,000 – Ksh.92.50

Co-Operative Bank Agent Commissions.

Co-Op Bank Withdrawal Commissions.

  • 50 -2,000 – Ksh.20
  • 2,001 -5,000 – Ksh.20
  • 5,001 -10,000 – Ksh.30
  • 10,001 -20,000 – Ksh.35
  • 20,001-30,000 – Ksh.45
  • 30,001-40,000 – Ksh.55
  • 40,001-50,000 – Ksh.65
  • 50,001-100,000 – Ksh.120

 Co-Op Bank Deposit Commissions.

  • 100-14,999 – Ksh.10
  • 15,000-19,999 – Ksh.15
  • 20,000-29,999 – Ksh.20
  • 30,000 and Above – Ksh.30

Other Services and their commissions.

  • Utility (Water and KPLC) – Ksh.25
  • Balance Enquiry – Ksh.5
  • Mini Statement – Ksh.10                        

That’s how profitable Mobile Money and Bank Agent Business can be.

Visit Website.
What\'s this?
1 Quotex logo without background
  • DEMO account
  • Trade with $1
  • Up to 98% RoR
  • $10 Min Deposit
Register and get $10,000 on a demo account for learning to trade.

If you merge being an M-PESA Agent with being a Bank Agent of one or several banks, you are indeed in a lucrative business. Mobile money and Bank Agent, therefore, becomes indeed, one of the most profitable business in Kenya today.

Leave a Comment