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Transfer & Receive Cash Using MTN Mobile Money Service

Transfer & Receive Cash Using MTN Mobile Money Service

MTN Mobile Money allows you to convert your mobile phone into an email wallet. Any MTN subscriber with a SIM compatible with mobile money can create an electronic wallet on their mobile and deposit funds into it. Once you finance your mobile money account, you can pay for goods and services with your mobile phone at participating merchants or transfer funds to friends, family, and customers.
Transfer & Receive Cash Using MTN Mobile Money Service
Source: Flickr

How Does The Mtn Mobile Money Service Work?
To fully utilize the MTN mobile money service, you need to sign up first. Transfers of cash funds into MTN mobile money do not require a signature, but almost all other transactions require a mobile money subscription. You can register at any MTN mobile money agency or at the offices of the GTbank branches and MTN Walk-In centers.

Registration requires a SIM compatible with mobile money. If your SIM is not compatible with mobile money, you can buy one from the agent. The agent can also make a SIM change for you if you want to keep your old number. You will need to fill out some documentation to complete your MTN mobile money registration.

To fund your mobile money account, you need to buy and carry a mobile money scraper from MTN. Note that this is different from the normal recharge card for telecommunications services. Scratch cards are available at all mobile money agent sites, GTBank agencies and MTN centers. Mobile money transactions are protected by a 4-digit PIN. The PIN will be necessary to authorize all your transactions with mobile money. Then, you must / should keep it safe.

Once loaded with funds, you can use your MTN phone to pay for goods and services at support merchants, as well as buy MTN recharge cards for you and your loved ones. You can also use it to transfer funds to family and friends, whether or not MTN subscribers. You can also receive funds from other mobile money subscribers directly on your mobile phone.

If for some reason, you need money, you can withdraw funds (in cash) from your MTN mobile money portfolio from any mobile money agent. You can also use the Mobile Money debit card to withdraw your funds from ATMs.

There are three types of MTN mobile money account that offer different transaction limits and different registration requirements:

·       Mobile money without a bank of MTN: N3.000 max. / Transaction, daily limit of N30,000
·       MTN Semi-Implanted Mobile Money: N10,000 max/transaction, limit of N100,000 per day
·       MTN fully banking mobile money: N100,000 max. / Transaction, N1,000,000 daily limit
Non-bank mobile money is the easiest to join, requires minimal documentation and does not require a bank account. The semi-paid money will require similar documentation to the opening of a savings account, while fully banked mobile money will require documentation similar to the opening of a current account.

The mobile money service is resident incompatible MTN SIMs so that it can be accessed from all types of cell phones.

MTN Mobile Money Honorary Costs
According to information on the MTN website, here are the transaction costs of MTN Mobile Money:

·       Money transfer from phone to phone - N10 (for a friend or a merchant)
·       Money transfer between phone - 2% of the transaction, N100 floor
·       Take out of the account - 1% of the transaction, N50 floor
·       Balance inquiry - N5
·       Mini statement - N30 per request

·       SIM exchange (if necessary) - MTN price for SIM exchange;

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