Reports from BlackBerry indicate that within 24 hours of the
MTN Nigeria today launched mobile money transfer service in Africa most populous Nation targeting those without bank accounts, the new mobile transfer service from MTN will be called MoMo.
This coming from successful lunch of similar service in east Africa tagged M-Pesa, the mobile money unit of Kenya’s Safaricom, which has convinced financial investors to channel more funds into the industry that financial services business
key points of the Mobile Money Operation:
- Customers send a text from their smartphone for free and get a response giving them a list of registered agents near them.
- Customers pay 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 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 must claim the money within 30 days or the voucher will expire.
However you can use MTN Mobile Money service 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.