MTN Mobile Money: with 22 million + Mobile Money subscribers in 15 African countries, this service aids transfers and payments on cellphones. Also, since its launch in Nigeria in 2019, the service has been adapted for online investments, with entertainment extras.
Other takeaways from this service include the following:
- Fintech business solutions _ business at the speed of thought, with fine-tune optic transmission systems wafting as much as 25.84 terabytes per second.
- A consumer network recording 230 million subscriptions that span the Middle East and Africa.
- Also, there is MoMo Rich Media which targets the local start-up media communities in Africa.
Currently, Twitter users, and every other MTN Mobile Money app user, can do giveaways faster with just the MoMo app.
With the MTN Mobile Money app on your mobile phone, you can perform different funding and investments in seconds. Learn more about the app in this article.
Table of Contents
MTN Mobile Money: Launch History
Far from the popular notion, the app did not start in Nigeria; it already has a strong niche in Ghana. While a similar mobile money service has been facilitated in Kenya via Telco, it only launched in Nigeria in 2019.
The MTN Mobile Money launch event was marked by excitement and acceptance by some grassroots initiatives. This is because the app puts the petty trader in Nigeria on an even footing with an SME as per mobile payments and transfers.
Due to the financial inclusivity of the MoMo service, local users of the app can also fund an online investment using just their mobile phones.
Important activities as regards the MTN Mobile Money app launch are as follows:
- An awareness campaign highlighting the financial levels that the app bridges
- A media presence targeting the SMEs and start-up business in Nigeria
The above programs culminate in the MTN Mobile Money app’s final launch in the Hilton Abuja.
Payment & Transfer Options: What It Offers
Since its creation, the MTN Mobile Money app offers the following financial services:
Options for sending free SMS messages _ app replies with a chart of the MoMo app supported agents close to users’ location.
Fund/Money Transfers for a Fee _ app requests a fee for money transfers through agents. This fee, one hundred (100) naira, is split in two. One half of it (50 Naira) is for the sending party, while the other half is for the paying party.
Also, users can only transfer amounts in the bracket of a hundred naira to fifty thousand naira. The maximal transfer can amount to one hundred thousand naira, as a MoMo supported agent might specify.
The key restrictions on this service are:
It costs N100 to transfer funds through the app, making it N48 costlier than electronic transfers through mobile bank accounts.
There is a chance that the fund’s security is forfeit after thirty (30) days of its initiation, which is when the transfer was made. This prompts the receiver to redeem the funds within the specified 30 days validity period.
How It Works
There are a few prerequisites for using the MoMo payment service.
You will have to buy into the service (subscription) to do more than just fund transfers. If you wish to enjoy more features on the MoMo app, you can get them by registering with MTN Mobile Money Merchants.
These Mobile Money middlemen include agents, MTN offices, and any GTBank. How does the registration work?
You will present your MoMo supported SIM Card or purchase it at the registration center if you do not have one. Afterward, you can fill a requisite form and submit your registration to the MoMo facilitator. Learn more
MTN Mobile Money: How to Fund Accounts
After registering your MoMo account with the MTN specified agents, you can fund it using the procedure in this section.
- First, buy a Mobile Money Scratch Card from supported vendors like GTBank, MTN offices, or any MoMo agent.
- Second, scrape off the coating on the card to access your dedicated four-digit PIN.
- Lastly, you can start a transfer sequence, for a N100 transaction fee, by requesting the service through your cellphone.
Note that your dedicated PIN, different from cellphone PUK, is relevant for all transactions on the Mobile Money app. To avoid adulterations or hack, keep the PIN secure.