Adding airtime units to my mobile-money business
Majeed
Accra, Ghana
100% repaid
Entrepreneur
Name
Majeed
Member since
September 2017
On-time repayments
12 installments • 100%
About Me
My name is Adam Majeed, age 35, a graduate of University for Development Studies (UDS) since 2011. I grew up in the northern part of Ghana, Tamale, where I had my basic and secondary education. I currently live and work in Accra, Ghana. I am married with one kid; however, I take care of two of my senior brother's sons after he passed on in July 2017. In all, I have three children under my care.
I come from a family of 5 siblings with both parents late. We are supposed to be 4 men and only one lady. Unfortunately, the eldest and the lady are also late. I'm the only one educated to the tertiary level (University).
Back at the University, I was already into the business of selling air time credit cards. That was my sole source of livelihood and school fees. On completion and a search for jobs for several years without success, I decided to enter into a mobile money business. I am now a mobile money vendor.
Soccer is my hobby since childhood, but my dream to become a footballer never came to fruition for lack of support, even when I was part of the school team. I was not surprised when my three years old son hinted he wishes to be a footballer. Perhaps, he will make it since I am prepared to push him.
My Business
The mobile money business involves sending and receiving money to and from one customer to the other, respectively, on behalf of telecom network companies for a commission. Currently there are four telecom network companies that provide these services in Ghana, namely: MTN, Vodafone, Tigo, and Airtel. I am an agent to all of these four for the mobile money business. This is the most convenient method of cash transactions which even captures most of the people who are not banked in Ghana. It saves time as compared to the traditional banking systems. The customer base is very large.
Our operation costs include: monthly water and light bills, local government taxes, salaries of sales boys/girls, as well as annual rentals of business premises. Profits are divided into three: part for reinvestment, part for children's school fees, and part will be used for charity work, i.e., I will buy some food items for an orphanage home.
Loan Proposal
I currently do only mobile money transfer, but however, I wish to add some other activities that will surely increase my profit levels. For instance I wish to add the sale of airtime units ( credit cards and electronic units transfer) for the telecom network companies, internet data bundles top ups for some local internet service providers (surfline and buzzy internet users).
I also wish to expand my business by opening another shop only for mobile money transfer, therefore cost of rent and employing an additional worker are involved. In all these, an approximate amount of $300.00 will be required.
Once I am able to do these, my gross profit level is expected to increase from the current 15% to 25% after the the investment.
About Me
My name is Adam Majeed, age 35, a graduate of University for Development Studies, UDS since 2011. I grew up in the northern part of Ghana, Tamale, where I had my basic and secondary education. I currently live and work in Accra Ghana. I am married with one kid, however, I take care of two of my senior brother's sons after he passed on in July 2017. In all I have three children under my care.
I come from a family of 5 siblings with both parents late. We are supposed to be 4 men and only one lady. Unfortunately, the eldest and the lady are also late. I'm the only one educated to the tertiary level (University).
Back at the University, I was already into the business of selling air time credit cards. That was my sole source of livelihood and school fees. On completion and search for jobs for several years without a success, I decided to enter into a Mobile Money Business. I am now a mobile money vendor.
Soccer is my hobby since childhood, but my dream to become a footballer never came to fruition for lack of support even when I was part of the school team. I was not surprised when my three years old son hinted he wish to be a footballer. Perhaps, he will make it since I am prepared to push him.
My Business
The Mobile Money business involves sending and receiving money to and from one customer to the other respectively, on behalf of telecom network companies for a commission. Currently there are four telecom network companies that provide these services in Ghana. Namely, MTN, Vodafone, Tigo, and Airtel. I am an agent to all these four for the Mobile Money business.
This is the most convenient method of cash transaction which even captures most of the people who are not banked in Ghana. It saves time as compared to the traditional banking systems. The customer base is very large.
Our operation cost include monthly water and light bills, local government taxes, salaries of sales boys/girls, as well as annual rentals of business premises.
Profits are divided into three. Part for re investments, part for children school fees and part will be used for charity work, i.e I will buy some food items for an orphanage home.
Loan Proposal
I currently do only mobile money transfer, but however, I wish to add some other activities that will surely increase my profit levels. For instance I wish to add the sale of airtime units ( credit cards and electronic units transfer) for the telecom network companies, internet data bundles top ups for some local internet service providers (surfline and buzzy internet users).
I also wish to expand my business by opening another shop only for mobile money transfer, therefore cost of rent and employing an additional worker are involved. In all these, an approximate amount of $300.00 will be required.
Once I am able to do these, my gross profit level is expected to increase from the current 15% to 25% after the the investment.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$294.00
Date disbursed
Dec 19, 2017
Repayment status
On Time
Projected term
2 months
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