MTN Mobile Money transfer has come to stay and make monetary transaction easier for us.
In today’s article, we shall take a look at some of the information that you need to know about MTN Mobile Money in Nigeria.
What Is Mobile Money?
Mobile payment (also referred to as mobile money, mobile money transfer, and mobile wallet) generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available.
Mobile Money is an electronic wallet service available in many countries and allows users to save, send, and receive money using their mobile phone.
What Is MTN Mobile Money?
MTN Mobile Money is a service that enables users send and receive money with their mobile phone. It is one of numerous mobile money services that have been launched in Nigeria over the past few months.
Does MTN Mobile Money work in Nigeria?
On the August 29, 2019 — MTN Nigeria officially launched MTN Mobile Money operations to help make cash transfer and payments via mobile phone connections.
How Does MTN Mobile Money Work In Nigeria?
MTN Nigeria saves your funds in a secure electronic account linked to a mobile phone number. In some cases the wallet number will be the same as the phone number, but not always – they can be different. Before sending funds to a mobile money wallet, please check with your recipient to determine the correct number and name it corresponds with.
How Do I Send Money To Friends via MTN Mobile Money
Before you can send money to a friend using MTN Mobile Money in Nigeria, you will first of all make sure that person is a registered MTN Mobile Money user. Confirm the person’s mobile money account and name on it.
If you are new to register for MTN Mobile Money in Nigeria, then you can register at any MTN Mobile Money agent or GTbank Branch Offices and MTN Customer service centres. You will be required to provide mobile money compatible SIM and fill some documentation to complete your Mobile Money activation.
To send money to someone or a friend, you will first of all have to fund your MTN Mobile Money account. You need to buy and load an MTN Mobile Money scratch card, at all mobile money agents, GTBank branches and MTN Customer Centres. After loading your MTN Mobile Money account, you can now send funds to friends and loved ones.
How To Receive Funds
You can receive funds from other MTN Mobile Money subscribers in Nigeria. and you can withdraw funds from your MTN Mobile Money account from any MTN Mobile Money agent in Nigeria.
Despite withdrawing money from MTN Mobile Money merchant, MTN allows you to also withdraw money from ATM machines.
MTN Mobile Daily Transaction Limit In Nigeria
Currently, there are three MTN Mobile Money account types that offer different transaction limits and different registration requirements. These are;
- MTN Unbanked Mobile Money: N3,000 max/transaction, N30,000 daily limit
- MTN Semi-Banked Mobile Money: N10,000 max/transaction, N100,000 daily limit
- MTN Fully Banked Mobile Money: N100,000 max/transaction, N1,000,000 daily limit
The Unbanked mobile money is the easiest to join, it requires minimal documentation and requires no bank account. Semi-banked money will require similar documentation as opening a savings account while fully banked mobile money will require similar documentation as opening a current account.
The mobile money service is resident on compatible MTN SIMs, so it can be accessed from all types of mobile phones.
MTN Mobile Money Costs Fees
According to information on the MTN website, here are the transaction costs of MTN Mobile Money:
- Phone-to-Phone money transfer — N10 (to a friend or merchant)
- Phone-to-Cash money transfer — 2% of transaction, N100 floor
- Cash-Out from Account — 1% of transaction, N50 floor
- Balance enquiry — N5
- Mini statement — N30 per request
- SIM swap (if needed) — MTN price for SIM swap;
That’s all you may need to know about how to send and receive money with MTN Mobile Money in Nigeria.
Frequently Asked Questions (FAQs)
MTN Fully Banked Mobile Money: N100,000 max/transaction, N1,000,000 daily limit.
Yes, MTN Mobile Money is available in Nigeria. All MTN Nigerian subscribers can now send money to another registered MTN Mobile Money users.