MTN Mobile Money (MoMo) platform that has been useful for the people of Côte D’Ivoire although now is in Nigeria,
and that why am writing on how to use it
My field of study has helped me with the trending news about the telecom firms in Nigeria also within Africa
It is the biggest market and Africa’s most populous nation,
Targeting those without a bank account. It is to provide financial services across the country.
Nigeria’s most prominent telecoms firm MTN has launched a mobile money transfer service,
MoMo operations in Nigeria, along the line Airtel is also doing exceedingly well in their data distribution
its most significant market and Africa’s most populous nation is targeting those without bank accounts.
MTN Mobile Money (MoMo)
The success in east Africa of M-Pesa,
the mobile money unit of Kenya’s Safaricom has convinced
investors and the industry that financial services are the next growth area for the telecoms sector,
where prices for essential services are falling.
I hope Nigerian will not underutilize MTN Mobile Money (MoMo),
at the launching ceremony on Thursday, August 29 in Abuja,
MTN Nigeria said it is going to deepen financial inclusion
with the launch of MoMo Agent in Abuja and other parts of the northern states.
The telco registered the new subsidiary with the Corporate Affairs Commission in 2018
and obtained a super-agent license from the Central Bank of Nigeria in July.
It was gathered that the super-agent license would enable the telco to facilitate domestic
payments for over 65 million subscribers in Nigeria using phone numbers.
The license issued on Thursday, July 25, 2019, according to the company,
would enable it to join the league of financial technology companies
that are accelerating financial inclusion in the country through an agent network.
Some key pointers of the operation on takeoff shall be:
- Customers send a text for free and get a response giving them a list of registered agents near them.
- Customers pay the transfer sum to agents who in turn give them a code to be transmitted to the receiver. The receiver goes to an agent near them and collects the cash.
- The sender will pay N100, though. N50 will go to the sending agent, and the paying agent will also get N50.
- The minimum amount needed is N100, and the maximum is either N50,000 or N100,000 depending on the agent.
- The recipient must claim the money within 30 days, or the voucher will expire.
A key issue raised by a former
top civil servant has been the N100 charge on a transaction
which he says is about double the N52 charged on mobile banking transactions.
With MTN MoMo, you can use it to send and receive money, top-up MTN airtime,
(DStv, ECG Postpaid, MTN Postpaid, School fees and more),
buy & pay for insurance, pay employee salaries,
pay for airline tickets
and other goods and services.