Mpesa is one of the fastest growing mobile banking and money transfer in Kenya. However while there are many success stories reported, there similary are many unsuccessful stories that many do not want to remember or simply go unreported. In this piece i am going to delve into some of the tactics used by thieves and con-men to defraud Mpesa operators off thousands of Kenyan Shillings.
1. Fake Customer Service Operator-
This is a common trick whereby a customer will pretend to withdraw money from your outlet. The customer then pretends to have made an error when withdrawing and that the money has gone to another outlet. The customer then proceeds to "call customer care" whereby he/she hands you the phone in the guise that the operator wants to talk to you, the Mpesa Agent. Do not agree to talk to that so called operator. This person is not a "customer care operator" but only an extended branch of the con-gang. This person will end up getting information about your till and even make you send all the e-float you have.
2. Fake Money-
Many M-Pesa operators have also been victims of receiving fake currencies. These con-men always want to find a means of disposing their fake currencies and the number one victims are MPesa agents. They pose as customers who want to make large deposits then they hide the fake money in between a few authentic notes. The solution for this is to purchase counterfeit detector machines.
3. Wrong Change Trick-
This is another very common trick con-men use to trick MPesa operators. One way to avoid this trick is to always keep your different note currencies in order. Have the one thousand notes in one place, 500 notes in another place and so forth.This is because some customers can come and for instance withdraw 5,100 shillings. In most cases they come in groups of two or three in order alleviate your attention from one place. Once you hand over the money to the customer he quickly swipes a one thousand shilling note for a one hundred shilling note then tells you you that the money does not add up. Fall for this trick and risk loosing a lot of money.
4. My Phone's Mpesa Does Not Work Trick-
Some con-men will want to get away with your personal phone or till. They pose as customers who require you to assist them with your phone because "their phone is damaged and Mpesa does not work." Do not give out your personal phone or business phone to a customer under any circumstance.
5. Reversal Trick-
The importance of an Identity Card verification is to avoid scams like the reversal trick. This is where for instance customers with ill intentions pretend to have forgotten their I.D cards after finishing a withdrawal transaction. They instead claim to know the I.D number offhead and dictate it to the operator. Afterwards, they call the customer care number claiming to have made a wrong withdrawal and need the money reversed. The network would thus call the agent to verify this information and if the identification number does not match with the customer's actual I.D number the money is reversed back to the customer's phone. Agents who are vulnerable to this scam are those who are not strict in asking for an I.D card.
These are some of the tricks con-men use to steal from Mpesa operators. If there are more tricks you may know offand are not mentioned in this article, feel free to post in the comment section. You can also read on how to start an Mpesa business by clicking on the link below,
HOW TO APPLY FOR AN AGENCY BUSINESS
The requirements in order to begin are as follows;
1. An Identification Card
2. Opening an account with the affiliate bank. This is the account to be used for business transactions as well as where you will get your commissions.
3. Certificate of good conduct.
4. Pin number certificate.
5. Business name (registered or unregistered).
6. Business Permit.
BEFORE YOU BEGIN....
The goal of any business is to make profit and be a source of income for the individual.In order for this to happen you need to be honest with yourself and ask if you can handle the responsibility of running a business. Being self employed requires discipline and alot of sacrifice.No one is there to monitor you as you are your own boss.The success of the business will therefore depend on your own effort on a daily basis.
You will also need to explore the environment where the business will be set up. How many similar services are around and if many, how do you intend to overcome the competition?
Check out things like population, and security before you begin. It is all about being one step ahead of the rest.
TIPS ON HOW TO SUCCEED AS AN AGENCY BANKER
After meeting all the requirements when applying, you wait for at least one month to get approval, training and acquiring the equipments such as the POS machine, transaction registries and so forth. Once you begin operations the goal is to benefit from this investment. Here are tips that will help you succeed.
1.Branding means advertising your business and bringing awareness to would be customers. Make sure you use big bold words and let your theme color be associated with the bank's color theme and brand.This way customers will know which service you are offering and from which bank.
2. You need to have at least kshs 100,000 operating capital. This is the amount you have invested in the business. It is advisable not to be tempted to use this money for other needs because when your operating float reduces, the number of transactions reduce, your customers reduce and your commissions equally reduce.
3. Invest in security. This is the kind of business where you are dealing with large amounts of money all the time. It makes you vulnerable to people who have ill intentions like thugs and con-men. You can avert this problem by investing in security gadgets such CCTV cameras, money detectors, alarm systems and bullet proof glass. Insure your business from common risks like theft, fire and vandalism. Amazon has some amazing security gadgets at affordable prices.Check them out via the links provided.
4. Always ask for customer I.D before transacting. Avoid becoming a victim of fradulent dealings by ensuring to ask for customer I.D before doing any transactions. Many agents who have been caught not asking for I.D have ended up paying heavy fines or loosing their agency licence.
5. Always establish a good rapport with customers. The agency business is a competitive one and you can rise above it by providing quality customer service.You will draw customers to your business like a magnet by polishing your basic public relations skills and treating customers with respect.
6. Build your reputation by always have enough cash float to cater to all customers.Your business will thus have a reputation of never turning away its clients which will in turn make it grow.
7. Be money wise and disciplined when it comes to spending. Saving is a necessity for every business to succeed. Make it a priority to save at least 20% of your daily profits. You can also re-invest your commissions back into a business and this will facilitate growth.
8. The early bird catches the worm. Be an early riser and let your business be known for opening its doors early, preferably 8 a.m.
9. Keep a record of your transactions everyday. Know how much goes in and how much goes out. This way you will be able to track the progress of your business.
10. One final tip to succeed in your business is prayer. Always pray for your business and ask for blessings and favour everyday. Prayer not only provides spiritual support but it also nourishes and keeps stress away..
THINGS YOU SHOULD NOT DO
1. Do not accept a bank card(ATM) that does not belong to its owner. There are chances it may be a stolen card.
2. Do not keep you money in the open where it is visible to customers.There are many people who move around looking for targets to rob.
3. Do not be so obvious in your movements especially when going home and coming to work.Change the routes you take regulary to avoid being another case of kidnap and robbery.
4. Do not multi-task.Handle one customer at a time to avoid confusion and loss.
5. Do not reveal your business secrets to anyone. Not all people are your friends and such information may be used against you.
