How Does MOMO Agents Works In 2023?

Momo Agents, backed by telecom giants MTN. Under the umbrella of Y’ello Digital Financial Services (YDFS), Momo Agent is spearheading a transformative shift in the way Nigerians interact with banking services.

Gone are the days when individuals had to endure long queues and tiresome paperwork just to make a simple withdrawal or deposit at their local bank branch. Momo Agent is poised to revolutionize banking by bringing the banks closer to the people, offering a range of financial services at their fingertips.

Imagine being able to handle your banking needs without ever setting foot in a physical bank, unless absolutely necessary. Momo Agent is here to make that a reality, transforming the way Nigerians manage their finances and opening up a world of possibilities for financial inclusion.

In this blog post, we will delve deeper into the role of Momo Agent as a subsidiary of MTN and explore how it is reshaping the financial landscape in Nigeria. We will shed light on the services provided by Momo Agent, the advantages it offers to bank account holders, and its impact on the lives of everyday Nigerians.

What is MOMO?

Momo, short for “Mobile Money,” is a revolutionary digital financial service provided by Yello Digital Financial Services (YDFS), a subsidiary of MTN Nigeria. As Africa’s largest provider of communication services, MTN Nigeria recognizes the immense potential of mobile technology to transform the way people manage their finances.

MOMO agents

Momo is an innovative platform that allows users to perform a wide range of financial transactions directly from their mobile devices. With Momo, individuals can easily access banking services, conduct money transfers, make bill payments, purchase airtime, and even access microloans, all without the need to visit a physical bank branch.

What do Momo Agents do?

Momo Agents play a vital role in facilitating financial transactions and providing convenient services to customers within the MoMo ecosystem. As registered agents, they serve as intermediaries between customers and financial institutions, enabling seamless and secure cardless transactions.

Here are some key responsibilities and services performed by Momo Agents:

  • Cardless Transactions: Momo Agents have the capability to process transactions without the need for physical bank cards. This means that customers can perform various financial activities, such as deposits, withdrawals, money transfers, bill payments, and airtime top-ups, without the requirement of a physical card.
  • Customer Assistance: Momo Agents are trained to assist customers with their financial needs and provide guidance on how to use the MoMo services effectively. They are knowledgeable about the different features and functionalities of the platform, ensuring a smooth and user-friendly experience for customers.
  • Account Registration: Momo Agents can help customers register and set up their MoMo accounts. This involves verifying the customer’s identity, capturing their biometric information, and linking their mobile phone numbers to their MoMo accounts.
  • Cash Management: Momo Agents handle the physical cash associated with the transactions. They receive cash from customers for deposits into their MoMo accounts and dispense cash when customers make withdrawals. Momo Agents ensure the accuracy and security of cash handling during these transactions.
  • Agent Network Expansion: Momo Agents also play a role in expanding the agent network. They identify potential agent locations and recruit and train new agents to provide MoMo services in different areas. This helps to increase the accessibility and availability of MoMo services to a wider customer base.

How to Become a MoMo Agent.

To become a MoMo Agent, you can follow these steps:

momo agents wallet

Step 1: Review the Requirements:

  • You should have an existing business or be willing to invest in the agency business.
  • Possess a brick-and-mortar/immovable retail shop located in a high foot traffic area.
  • Have a viable means of identification, such as a National ID, Driver’s License, International passport, or Voters card.
  • Be ready to provide one passport photograph.
  • Have the capability to provide working capital of N20,000 or more.

Step 2: Visit the Nearest MTN Outlet:

  • Go to the nearest MTN outlet to pick up the MoMo Agent registration form.
  • Submit your details, including the completed application form, to the authorized personnel.

Step 3: Download the Application Form:

  • Alternatively, you can download the MoMo Agent application form online from the official MTN website.

Step 4: Await Contact:

  • After submitting your application form and details, a field staff member from MTN will contact you to proceed with the next steps of the registration process.

Regarding salary, it’s important to note that MoMo Agents are typically not entitled to a fixed salary. Instead, their earnings come from commissions based on the transactions they facilitate and any additional charges they may apply to customers. The more transactions you process as a MoMo Agent, the higher your commission earnings will be.

It’s recommended to consult with the MTN representatives during the registration process or reach out to their support channels to get specific details on commission rates and the earning potential for MoMo Agents in your area.

To become a MoMo Agent through self-onboarding, you can follow these steps:

  1. Dial *502# on your MTN phone number.
  2. A  prompt will ask you to approve the MTN SIM registration details.
  3. Select “1” to accept the terms and conditions and proceed to the next step.
  4. Create a 4-digit PIN as prompted. This PIN will be used to access your MoMo Agent account and perform transactions securely.
  5. Reconfirm your 4-digit PIN to ensure accuracy.

Once you have completed these steps, you will have successfully self-onboarded as a MoMo Agent. Your MTN phone number will now be linked to your MoMo wallet, allowing you to provide financial services to customers and conduct transactions on their behalf.

It’s important to note that after self-onboarding, you may need to complete additional verification and documentation requirements to fully activate and operate as a MoMo Agent. This could involve submitting certain identification documents and fulfilling any regulatory obligations outlined by Y’ello Digital Financial Services (YDFS).

How do MoMo agents make money?

As MoMo agents, your earnings are typically based on a commission structure rather than a fixed salary. The more transactions you facilitate as an agent, the higher your commission will be. This commission is earned based on the transaction fees charged to customers for utilizing MoMo services.

Here’s how MoMo agents make money:

  • Transaction Commissions: As a MoMo agent, you earn a commission on each transaction you facilitate. This commission is a percentage of the transaction fee charged to the customer. The specific commission rates can vary and may depend on factors such as the type of transaction and the transaction amount.
  • Cash-In and Cash-Out Services: MoMo agents often earn higher commissions on cash-in (deposit) and cash-out (withdrawal) transactions. These are typically high-volume services, and agents can earn a percentage of the transaction fee associated with these activities.
  • Value-Added Services: MoMo agents may also earn commissions on value-added services provided through the MoMo platform. This can include services such as bill payments, airtime top-ups, money transfers, and other financial transactions. Each completed transaction adds to the agent’s commission earnings.

How much do MTN MoMo agents get paid?

As mentioned earlier, MoMo agents typically earn commissions based on the transactions they facilitate, rather than receiving a fixed salary. The commission rates and potential earnings can vary depending on factors such as the type of transaction, transaction volume, and the specific commission structure agreed upon between the MoMo agent and Y’ello Digital Financial Services (YDFS) or the MoMo service provider.

momo agent

The actual earnings of MoMo agents can fluctuate depending on their performance, the demand for MoMo services in their area, and the number of transactions they facilitate. It’s important for MoMo agents to actively promote and provide MoMo services to customers in order to maximize their commission earnings.

MoMo Services

MoMo, or Mobile Money, provides a range of convenient and accessible financial services to users. Here are some of the key services offered by MoMo:

  • Funds Withdrawal and Deposit: MoMo enables individuals to withdraw and deposit money without the need for a traditional bank account. Users can visit a nearby MoMo agent center and perform transactions such as cash withdrawals or deposits. This service is particularly beneficial for those who do not have easy access to bank branches or prefer the convenience of MoMo centers.
  • Cash Transfer: MoMo allows users to send and receive money quickly and securely. With just a visit to a MoMo agent center, users can transfer funds to other individuals, even if they don’t have a bank account. The sender receives a 5-digit code, which is shared with the recipient to facilitate the collection of the funds.
  • Purchase of Data and Airtime: MoMo agent centers serve as one-stop shops for customers’ mobile communication needs. Users can buy airtime and mobile data of any amount directly from these centers. This service ensures that users can conveniently stay connected and topped up on their mobile devices.
  • Bill Payments: MoMo provides a hassle-free solution for bill payments. Users can visit a MoMo agent center to pay bills related to electricity, cable TV, utilities, and more. This eliminates the need to visit multiple service providers’ offices, saving time and effort for customers.
  • Financial Services for Small Business Owners: MoMo recognizes the importance of supporting small business owners. Through its services, small business owners can receive payments from customers, making it easier to operate their businesses. MoMo centers provide a platform for entrepreneurs to conduct financial transactions and earn additional income.

How do I find my MoMo agent wallet ID?

To find your MoMo agent wallet ID, you can follow these steps:

  1. Dial *223# on your MTN mobile phone.
  2. A menu will appear with different options.
  3. Select option 1, which is typically labeled as “Locate Agent” or a similar description.
  4. The system will search and display a list of nearby MoMo agents in your vicinity.
  5. Look for the agent details on the screen, which may include their agent ID, contact information, and location.
  6. Note down the agent ID or any other relevant details displayed on your screen. This information represents your MoMo agent wallet ID.

MOMO Agent Code

For users around you to locate or visit you as the MoMo agent, They need to dial this Momo agent code and follow the instruction.

  1. They will Dial *223# on your MTN mobile phone.
  2. A menu will appear with different options.
  3. Select option 1, which is typically labeled as “Locate Agent” or a similar description.
  4. After selecting option 1, the system will initiate a search to locate MoMo agents in your vicinity.
  5. You will receive a list of nearby MoMo agents along with their contact details and locations.
  6. Note down the agent’s address or contact information for reference.
  7. Visit the MoMo agent that is closest to your location based on the information provided.

MOMO agent customer care

To get help with any inquiries or issues related to MoMo services, you can follow these steps:

  1. Dial 180 on your mobile phone.
  2. This number will connect you to the customer service desk for MoMo services.
  3. The customer service desk is operational 24 hours a day, ensuring that assistance is available whenever you need it.
  4. Follow the prompts and provide the necessary information to speak with a customer service representative.
  5. Explain your query or concern to the representative and they will provide you with the necessary support and guidance.

If you are a MoMo agent and require assistance specific to agent-related matters, you can use the dedicated line provided to agents.

  1. Dial 182 on your mobile phone.
  2. This dedicated line is offered specifically for MoMo agents.
  3. Similar to the customer service desk, the agent line is operational 24 hours to cater to agents’ needs.
  4. Connect with a representative by following the prompts and providing the required information.
  5. Communicate your inquiry or issue, and the representative will assist you accordingly.

By dialing either 180 for customer service or 182 for agents, you can get the help you need with MoMo services. The dedicated customer service desk and agent line ensure that your concerns are addressed promptly and efficiently.

Momo agent POS

To get a MoMo agent POS (Point of Sale) device, you can follow these steps:

  • Contact MTN Nigeria or Y’ello Digital Financial Services (YDFS): Reach out to the official MTN Nigeria or YDFS customer support channels to inquire about obtaining a MoMo POS device.
  • Meet the Requirements: MoMo POS devices are typically provided to eligible businesses and individuals who meet certain requirements. These requirements may include having an existing business, a brick-and-mortar retail shop, and the capacity to provide working capital for the POS device.
  • Complete the Application: Once you have determined your eligibility and expressed your interest in obtaining a MoMo POS, you will need to complete an application. This application will likely include providing your business details, personal information, and any other required documentation.
  • Verification and Approval: After submitting your application, MTN Nigeria or YDFS will review it for verification and approval. This process may involve confirming your business credentials, conducting background checks, and assessing your suitability as a MoMo POS holder.
  • Training and Setup: If your application is approved, you will receive training and support to set up and activate your MoMo POS device. This may include learning how to operate the device, manage transactions, and provide efficient services to customers.

How much does MoMo POS charge in Nigeria?

MoMo charges ₦100 for transactions involving bill payments from ₦1 to ₦500,000 when using the MoMo POS Agent. This means that for each bill payment made within this transaction range using the MoMo POS Agent, a flat fee of ₦100 will be charged by MoMo.

FAQs – MoMo Agent

  • Who are MoMo agents?

MoMo agents are individuals or businesses authorized by MTN Nigeria to provide financial services and facilitate transactions on the MoMo platform.

  • What are the benefits of being a MoMo agent?

The benefits of being a MoMo agent include earning commissions on transactions, providing convenient financial services to customers, contributing to financial inclusion, and generating additional income through the MoMo agent business.

  • How does the MoMo agent work?

MoMo agents serve as intermediaries between customers and the MoMo platform. They assist customers with transactions such as deposits, withdrawals, bill payments, and more, using the MoMo POS device or other authorized means.

  • Can MoMo agents send money to Ghana?

MoMo agents primarily operate within Nigeria. To send money to Ghana, customers can explore international money transfer services available through the MoMo platform.

  • How can I become a MoMo agent?

To become a MoMo agent, you need to meet certain requirements, such as having an existing business, a physical retail shop, and the capability to provide working capital. Contact MTN Nigeria or Y’ello Digital Financial Services (YDFS) for specific guidelines and application procedures.

  • How can I fund my MoMo agent account/wallet?

MoMo agents can fund their wallets by visiting authorized MTN outlets or using other approved methods, such as bank transfers or mobile money transfers.

  • How can I recharge my MoMo agent account/wallet?

MoMo agents can recharge their accounts/wallets by purchasing airtime or using other designated methods provided by MTN Nigeria or YDFS.

  • How can I reset my MoMo agent PIN?

To reset your MoMo agent PIN, you can contact the MoMo agent support line provided by MTN Nigeria or YDFS for assistance.

  • What can you send and receive at a MoMo agent?

MoMo agents facilitate a wide range of transactions, including deposits, withdrawals, bill payments, fund transfers, airtime top-ups, and other financial services available on the MoMo platform.

  • How can I get my MoMo agent PIN?

Your MoMo agent PIN can be obtained during the registration process. Contact MTN Nigeria or YDFS for specific instructions on obtaining your MoMo agent PIN.


In conclusion, MoMo Agents, operating under Y’ello Digital Financial Services (YDFS) and supported by MTN Nigeria, play a crucial role in bringing convenient and accessible financial services to individuals and businesses across Nigeria. Through MoMo agent centers, customers can perform a variety of transactions such as deposits, withdrawals, bill payments, fund transfers, and more, without the need for a traditional bank account.

The MoMo platform has revolutionized the way Nigerians manage their finances, providing a safe, secure, and convenient alternative to traditional banking channels. With MoMo, individuals can send and receive money, purchase airtime and data, pay bills, and access a range of financial services, all at the nearest MoMo agent center.

Being a MoMo agent offers numerous benefits, including earning commissions based on transaction volumes, contributing to financial inclusion by reaching underserved areas, and generating additional income for the agent’s business. MoMo agents act as intermediaries, connecting customers with the MoMo platform and facilitating seamless transactions.

To become a MoMo agent, individuals must meet specific requirements, such as having an existing business or investing in the agency business, possessing a physical retail shop, and being able to provide working capital. The process involves registering with MTN Nigeria or YDFS and undergoing verification and training.

MoMo agents operate on a commission-based model, earning income based on transaction volumes and additional charges applied to customers. The more transactions they facilitate, the higher their commission earnings.

Throughout this blog post, we have explored the services provided by MoMo agents, including funds withdrawal and deposit, purchase of airtime and data, and bill payments. We have also covered the process of becoming a MoMo agent, the commission-based earning structure, and the convenience MoMo brings to customers.

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