Start-up capital for mobile phone payment service

Entrepreneur

About Me

I own a beauty and cosmetics shop. I have been operating this shop for the last three and half years. My business has picked and is a favorite shopping site to most customers. While operating my business, I noted a business opportunity which I can venture in. In the area my business is located, there is no reliable mobile money transfer agent point yet mobile banking is considered reliable money transfer service in my area and across the country. I have already ordered for one MPESA agent line and done all required preparations like putting metallic grill in my shop to secure the area and painted the required Mpesa money transferring agent color green. However, I am yet to start operating because I do not have enough money (float) to operate.

My Business

I will get the income to repay the loan from the profit I will get from the MPESA money transfer service I will be offering. Mpesa is a mobile banking popular in our country especially since access to banking services especially among people in the informal sector is limited. Hence, I expect to get good returns from the business venture. I can also use the profit I get from the sales of my beauty and cosmetics products to repay the loan.

Loan Proposal

I will use the loan to top up the cash I have to attain the minimum required operating cash float for the Mobile money transfer agent I am setting up popularly know as MPESA. MPesa is the preferred mobile money transfer method (M-banking service) used by people in my country to transfer, save and withdraw money. It is considered an efficient and reliable method to access money mainly because most people do not have access to banks. The method is also as fast as sending sending an SMS. Setting up an Mpesa agent will save people the time they would have used to access money transferred to them. In addition, having an Mpesa agent in close proximity will encourage people in the informal sector to start saving. Setting up the business will increase the income I get from my business since I will be paid a commission for the money transactions conducted. With an operating capital of $500 I expect to be paid a commission of not less than $140 per month which implies I will be able to clear the loan with the first month's commission. After clearing the loan, I will start ploughing in the commission I get into the operating capital so that in the near future I can be able to open a new agent and employ someone to run it, hence creating employment.

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Loan Info

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