MTN Mobile Money – Everything You Need To Know
MTN Mobile Money is a service that allows users to send and receive money with their mobile phones. Mobile Money is offered by MTN in collaboration with GTBank. It is one of the many mobile money services that have been launched in Nigeria in recent months. I hope this is the first one to really take off.
MTN Mobile Money Sends And Receives And Transfers Funds
MTN Mobile Money lets you turn your phone into an electronic wallet. Any MTN subscriber with a mobile money compatible SIM can create an electronic wallet on their mobile phone and deposit funds within it. Once you have funded your mobile money account, you can then pay for goods and services with your mobile phone at participating merchants or transfer funds to friends, family, and customers.
How Will The MTN Mobile Money Service Work?
To fully utilize the MTN mobile money service, you must first register. Cashing out funds transfers on mobile money MTN does not require a subscription, but almost every other transaction requires a mobile money subscription. You can register at any MTN mobile agent or at 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 exchange for you if you wish to keep your old number. You will need to complete some documentation to complete the registration of the MTN mobile money.
To fund your mobile money account you have to buy and charge a scratch card and win MTN for mobile money. Note that this is different from the normal top-up card for telecommunications services. Scratch cards will be available at all locations of mobile money agents, GTBank branches and MTN centers. Mobile money transactions are protected by a 4-digit PIN. The PIN will be required to authorize all your mobile money transactions. So, you should / you should keep it safe.
Once loaded with funds, you can then use your MTN phone to pay for goods and services from support merchants, as well as buy MTN top-up cards for you and your loved ones. You can also use it to transfer funds to family and friends, regardless of whether they are MTN subscribers. You can also receive funds from other mobile money subscribers directly on your mobile phone.
If for any reason, you need cash, you can withdraw funds (cash) from your MTN electronic money wallet from any mobile money agent. You can also use the Mobile Money debit card to cash out your funds from ATMs.
There are three types of MTN mobile money accounts that offer different transaction limits and different registration requirements:
- MTN Unbanked Mobile Money: N3.000 max/transaction, daily limit N30.000
- MTN semi-bank mobile currency: N10,000 max / transaction, daily limit N100,000
- MTN fully banking mobile money: N100,000 max/transaction, daily limit N1.000.000
Non-bank mobile money is the easiest way to join requires minimal documentation and does not require a bank account. Semi-bank money will require documentation similar to opening a savings account, while fully banking mobile money will require documentation similar to opening a current account.
The mobile money service is a resident on MTN compatible SIMs, so you can access it from all types of mobile phones.
MTN Mobile Money Costs commissions
According to information on the MTN website, here are the transaction costs of MTN Mobile Money:
- Money transfer from phone to phone – N10 (to a friend or merchant)
- Money transfer from phone to cash – 2% of the transaction, plan N100
- Collection from the account – 1% of the transaction, plan N50
- Balance request – N5
- Mini declaration – N30 per request
- SIM replacement (if necessary) – MTN price for SIM exchange;
How To Use MTN Mobile Money?
MTN Mobile Money wallet holders can use their mobile money account in several ways. They can:
- Receive and store money
- Send money to any MTN mobile phone user – registered or not.
- Send money to mobile phone users on other local networks.
- Withdraw cash from any authorized MTN Mobile Money agent
- MTN transmission time recharge
- Pay the bills
- Buy and pay for insurance
- Pay employee salaries, airline tickets, tuition, and other goods and services.
How can I check my MTN mobile money balance?
There are several ways to check your MTN Mobile Money balance. But the best way is with the MTN mobile app. Among other things, it allows you to check your balance and check rates. It also offers a better way to check all MTN mobile services.