October 23, 2019 All Things Fintech in Africa

MOMO, the mobile money service, launched by MTN

On September 29th, 2019, MTN launched its mobile money business MoMo, in Hilton Abuja, Nigeria. The mobile money will allow cash transfers and payments via mobile phone connections. It is seen as a key measure to bridging financial inclusion.

MTN’s biggest market is the west African country, Nigeria which is why the launch is seen as a significant move by experts and industry players. Another MTN’s biggest and successful MoMo operations in West Africa would be in Ghana.

How it would work?

  • Customers would 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 gives 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 100 Naira though. N50 will go to the sending agent and the paying agent will also get N50.
  • The minimum amount that can be transferred is N100 and the maximum is either N50,000 or N100,000 depending on the agent.
  • The recipient would have to claim the money within 30 days or the voucher will expire.

The Mobile Money is however “a fast, simple, convenient, secure and affordable way of transferring money, making payments and doing other transactions using a mobile phone.

In partnership with over 10 partner banks, MTN is offering a service which would allow its users  to send and receive money, top-up MTN airtime, pay bills (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 anywhere.

Therefore, one can receive or send money conveniently without having to travel a long distance.  One only has to register with a valid photo ID today to enjoy the ease and convenience of MOMO.

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