Some business owners want to earn extra income on the side, and among them are those who want to open a Wave Money Agent shop. For anyone considering opening a Wave Money Agent shop, this article is worth reading.
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If you want to open a Wave Money Agent shop, first contact the Wave Money DTR office responsible for the township where you plan to open your shop. (A DTR is an office that receives a township-level mandate from Wave’s head office and handles cash deposits and withdrawals for agents.)
Next, connect with the Wave Money CSE and TSM for your township. (A CSE is a staff member appointed by the DTR who handles cash transactions with agents. A TSM is a staff member appointed by Wave Money’s head office who resolves agent issues that the CSE cannot handle.) To connect with a DTR, CSE, or TSM, ask any nearby Wave Agent shop — agent shops are typically spaced roughly 20 shops apart.
You’ll need to show an existing shop, such as a grocery store or phone shop (a business license is required), and provide your correct name, phone number, NRC number, and address. Wave Money’s head office issues a dedicated SIM card (Telenor) for its agents, which must be returned if you stop operating as an agent. This SIM card cannot be resold, and agent SIM cards cannot be bought or sold — if you obtain one from an outside source, you do so at your own risk.
You can start with capital of 200,000, 500,000, or 1,000,000 kyats. Once your business is running smoothly, you can request as much cash float as you need through your CSE or DTR office — honesty and accuracy are required. Reaching your CSE or DTR office can be difficult outside business hours or after 5pm.
Cash deposits (E-Money) and cash withdrawals (with the withdrawal amount specified in advance) must be processed through the CSE; Wave DTR currently does not accept withdrawals directly. It’s more convenient if your Wave partner account is linked to a Yoma Bank Smart Account — to set this up, visit your nearest Yoma Bank branch. In rural towns and villages, it’s advisable to keep a larger amount of working capital on hand.
Yoma Bank can also process cash deposits and withdrawals. Yoma Bank is currently working to replace agents’ Call Deposit accounts with the Smart Account, and is issuing new SIM cards to agents to replace the old ones. Those who want to open a shop can contact 900 or 700 to reach their township’s DTR, CSE, and TSM, or call 09790009000 from another phone number.
Be cautious: don’t trust anyone who asks you to bring a “check box.” Agent cards are issued only by Wave’s head office, so watch out for scammers. (Note: approval is not instant — you’ll need to wait, and it is not advisable to sign up as an agent right now.)
For further questions, you can join the following group to learn more:
https://www.facebook.com/groups/2701954063267008/?ref=share
FAQ
Q: How much capital do I need to open a Wave Money Agent shop?
A: You can start with 200,000, 500,000, or 1,000,000 kyats, and request more cash float once your business is running smoothly.
Q: Who issues the SIM card used by Wave Money agents?
A: Wave Money’s head office issues a dedicated Telenor SIM card for agents; it must be returned when you stop operating and cannot be bought, sold, or resold.