MTN Mobile Money (a.k.a MTN MoMo) is a service that enables users send and receive money as well as make payment for products and services with their mobile phone. With MoMo, you can transfer money to any MTN user within any of the supported African countries. Note that cross-border transfers are not supported for now. For now you can only transfer to users within your own country. Mobile Money is offered by MTN in partnership with banks. It is one of a number of mobile money services that is available in Nigeria and across Africa.
MTN Mobile Money enables you transform your mobile phone into an e-wallet (MTN calls it a PSB wallet). Any MTN subscriber can send and receive money on their mobile phone or create a PSB wallet on their mobile phone and deposit funds in it.
Once you fund your mobile money wallet, you can then pay for goods and services with your mobile phone at participating merchants or transfer funds to friends, family, and clients.
In Nigeria, MTN got a license to operate a Payment Service Bank in April 2022 from the Central Bank of Nigeria (CBN). MTN official launched the service as MoMo PSB in May 2022 and currently boasts 4.2 million subscribers of which the company claims about 2.4 million are active.
This effectively makes MTN more or less a bank. With MoMo PSB, MTN can offer savings accounts to consumers. They can also facilitate transfers and offer banking services to its customers in rural areas who may not even have bank accounts.
MTN can also deploy ATM that will enable users to withdraw cash. Users can also withdraw cash at MTN MoMo Agent locations.
How will MTN Mobile Money Service Work?
To fully utilise the MTN mobile money service, you need to subscribe and register first. Once you register for MTN MoMo PSB, you will be able to buy products and services, pay bills, send and receive money. You can also deposit and save money MoMo PSB.
You can buy airtime as well as SMS bundles and data bundles. The service also enables you pay bills like DSTV, school fees, etc. Businesses can also make payment requests or pay staff.
How to Register for MTN Mobile Money
You can register for MTN Mobile Money by dialing *671# on your MTN phone and creating a 4 digit PIN. The 4 digit PIN will enable you authorize transactions.
Once your account is setup, you can now send and receive money from any bank account. You can also send money to any MoMo PSB user via their phone number. In future, MTN promises that you will be able to send money MTN phone number whether or not they are registered with MoMo PSB.
You can also pay bills, but first you have to fund your wallet. Here is how:
How to Fund your MTN Mobile Money Wallet
To fund your MTN Mobile Money Wallet, you have a few options. One way to fund your MTN Mobile Money is to locate a MoMo agent near you and deposit money into your wallet. You give them cash and they will fund your wallet. This works well for people who do not have bank accounts (the unbanked).
The second way to fund your MTN Mobile Money wallet works best for people who already have bank accounts with traditional commercial banks. You can transfer money from your bank account to your MoMo PSB wallet. You can do this via your banking app.
Just go to your banking app enter your account number which is your MTN phone number without the first zero (e.g. 8034XXXXXX) and select AccessYello and Beta as the bank name. Then enter the amount you want to transfer and complete the transaction according to the protocols of your banking app.
Another way to fund your MTN Mobile Money is to ask another MoMo PSB user to send fund to your wallet. All you need to do is give them your phone number and they can transfer money from their wallet to your wallet using the appropriate code.
Similarly, you can also fund your MTN Mobile Money by asking any bank account holder to transfer money to your wallet. All you need to do is to give them your name, your account number (i.e. your phone number without the leading zero e.g. 8034XXXXXX), and your bank name (i.e AccessYello and Beta). With this information they will do the transfer with their banking app.
Registration requires an MTN SIM. If you do not have an MTN SIM, you can buy one from an MTN office near you or an MTN agent. You will need register the SIM card and connect it to NIN as required in Nigeria.
To fund your mobile money account you need to visit a MoMo agent near you offer them cash and they will initiate a deposit into your wallet. If you already have a bank account with a commercial bank, you can also deposit fund by yourself via your banking app. You can also ask any bank account holder or any MoMo PSB user to transfer money to you.
Mobile money transactions are protected by a 4-digit PIN. The PIN will be required to authorise all your mobile money transactions. So, you must / should keep it safe. You will be required to create a PIN when registering your MTN Mobile Money account.
What you can do with MTN Mobile Money
Once loaded with funds, you can then use your MTN phone to pay for goods and services at supporting merchants as well as buy airtime for yourself and your loved ones. You can also use it to transfer funds to family and friends. 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 mobile money e-wallet from any mobile money agent.
There are three MTN mobile money account types offering different transaction limits and different registration requirements:
- Tier 1 MoMo PSB Wallet (Unbanked): ₦50,000 maximum transaction limit, ₦100,000 daily transaction limit, ₦300,000 maximum cumulative balance
- MTN Tier 2 MoMo PSB Wallet (Semi-Unbanked): ₦200,000 maximum transaction limit and ₦500,000 maximum cumulative balance
- MTN Tier 3 MoMo PSB Wallet (Fully Banked): ₦5,000,000 maximum transaction limit and no limit on cumulative balance
Unbanked mobile money is the easiest to join, it requires no documentation just your registered MTN SIM. To engage in transactions of more than ₦50,000 you will need to upgrade your to Tier 2 (Semi-Unbanked) BVN by providing your BVN. The fully banked mobile money will require a little bit more documentation to upgrade to it.
How to Send Money with MoMo PSB
To send money from your Mobile Money wallet to another MoMo PSB user all you need is their phone number. Just dial *671*1*1*Receiver’s Phone Number#. Then you enter the amount and finally the PIN to authorize the transaction.
How to Withdraw Cash from your MTN Mobile Money Wallet
There are two ways you can withdraw cash from your MoMo PSB wallet. One is to find a MoMo agent near you and initiate a withdrawal and the other is to transfer the amount you want to withdraw to your bank account and then withdraw from your bank account using an ATM or visiting the bank.
How to Send Money via a MoMo Agent
Step 1: Locate and visit a MoMo agent near you.
Step 2: Give the cash to the agent and also provide them with the phone number of the recipient.
Step 3: The agent will initiate the transaction and when completed you will receive 6-digit control number on your phone via SMS.
Step 4: Inform the recipient that you have sent the money and give them the 6-digit control number. The recipient will also receive a 6-digit number. The recipient will need both the 6-digit control number and the 6-digit number to receive the money.
Step 5: The recipient will locate and visit a MoMo agent near them to receive the cash.
How to Receive Money via a MoMo Agent
Step 1: Receive a 6-digit control number from the sender and note a second 6-digit number sent directly to your phone via SMS.
Step 2: Locate and visit a MoMo agent near you.
Step 3: Give the MoMo agent the 6-digit control number that the sender provided you and the 5-digit number sent to your phone.
Step 4: Using the both numbers, the agent will confirm your transaction.
Step 5: Receive your cash from the Agent.
How to Locate a MoMo Agent Near You
Step 1: Dial *223#
Step 2: Select 1 to locate an agent
Step 3: Enter State
Step 4: Enter LGA
Step 5: The Address and Phone number of the closest MoMo agent will be displayed.
The mobile money service is resident on your MTN SIM, so it can be accessed from all types of mobile phones. You do not need the app, but if you have a smartphone downloading the app can make transactions more convenient.
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;
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