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.
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.
The loan amount of GHS 1553 will be used, in part, to buy four mobile phone devices that will be used in my mobile money business transactions. Each will cost me $25 (GHS 110) for a total of $100 (GHS 440). An amount of GHS 350 will be used to purchase airtime credit cards as inventory for resale, and the remaining amount of GHS 763 will be used as cash in hand for the mobile money transactions (sending and receiving money). I will be able to make an average gross profit of 25% per month on the capital employed if I get the loan.