How Does MoneyManager Work?

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Are you looking for a convenient and secure electronic money transfer service in Nigeria? Are you looking for a scratch card that can comfortably replace mobile phone recharge cards as a means of money transfer within the country? Moneymanager card is what you need if you answer yes to any of these questions.

Moneymanager is an instant cash transfer card that can be used to transfer money to any part of Nigeria. Moneymanager card is aimed at providing convenient and secure electronic money transfer services to Nigerians.

Here we will provide information on how money manager works. Moneymanager card is like the normal mobile phone scratch cards but comes in denominations ranging from 2,350 to 50,800 Naira and have maximum validity period of about 180 days from the date of activation.

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Moneymanager cards have unique identification information to enhance security and transaction tracking. Such information includes:

  • Pay code
  • Pin code
  • Serial number
  • Expiry date
  • Batch number

The Pay code and Pin code are covered. To reveal these codes you must scratch off the cover. Note that scratching off the cover simply means that you completely agree to the terms and conditions of the service.

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Now here is a step by step guide on how moneymanager works:

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Step 1:

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The initiator of the transfer transaction (sender) must first purchase Moneymanager card of the required denomination at an accredited sales agent and dealer outlet. According to the promoters of the service, locations where these cards can be purchased include post offices, petrol stations, eating joints, hotels and other sales outlets nationwide.

Note that the sender will pay more than the amount the recipient will receive. The difference will account for the transaction cost (commission). Once a card is purchased it can be redeemed by the recipient within five minutes. Note that the batch and serial numbers will be automatically sent to the designated banks’ systems to facilitate the cashing of the transferred funds at any branch of the banks.

Step 2:

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The sender scratches off the covered area to reveal the Pin and Pay codes. Note that scratching off these cover simply means that you completely agree to the terms and conditions of the service.

Step 3:

Pin and Pay codes are sent by the sender to the recipient via any medium. However this will usually be done via SMS. The sender must verify the code to ensure that the right code is sent. It is also advisable that the sender keeps the card safe until the recipient has successfully received the money sent.

Step 4:

The recipient takes this information (Pin and Pay codes) to any branch of the designated banks in Nigeria. Banks where recipients of moneymanager Pin and Pay codes can cash the cards include Access Bank, Fidelity Bank and Oceanic Bank.

Note that recipients of the cards can redeem it within five minutes after it is purchased by the sender. Note also that the money cashed by the recipient will be less than the money sent by the sender. The difference accounts for the transaction cost (commission).

Next time you think of cash transfer think Moneymanager. Also, feel free to share your experience of Moneymanager service.

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Paschal Okafor is NaijaTechGuide Team Lead. The article How Does MoneyManager Work? was written by Paschal Okafor. The article was last modified: April 14th, 2016

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