MTN Mobile Money Transfer Send & Receive Cash

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Mobile Money
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MTN Mobile Money is a service that enables users send and receive money with their mobile phone. Mobile Money is offered by MTN in collaboration with GTBank. It is one of numerous mobile money services that have been launched in Nigeria over the past few months. Hopefully, this would be the first to actually takeoff.

MTN Mobile Money send receive and transfer funds

MTN Mobile Money enables you transform your mobile phone into an e-wallet. Any MTN subscriber with a mobile money compatible SIM can create an e-wallet on their mobile phone and deposit funds in it. Once you fund 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 clients.

How will MTN mobile money service work?

To fully utilise the MTN mobile money service, you need to subscribe first. Cashing fund transfers on MTN mobile money does not require subscription, but almost every other transaction requires a mobile money subscription. You can register at any MTN mobile money agent location or at GTbank Branch Offices and MTN Walk-In Centres.


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Registration requires a mobile money compatible SIM. If your SIM is not mobile money compatible, you can buy one from the agent. The agent can also do a SIM swap for you if you want to retain your old number. You will need to fill-in some documentation to complete your MTN mobile money registration.

To fund your mobile money account you need to buy and load an MTN mobile money scratch card. Note that this is different from the normal recharge card for telecoms services. The scratch cards will be available at all mobile money agent locations, GTBank branches, and MTN centres. 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.

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Once loaded with funds, you can then use your MTN phone to pay for goods and services at supporting merchants as well as buy MTN recharge cards for yourself and loved ones. You can also use it to transfer funds to family and friends whether or not 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 mobile money e-wallet from any mobile money agent. You can also use the Mobile Money debit card to cash your funds from ATM machines.

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There are three MTN mobile money account types offering different transaction limits and different registration requirements:

  • MTN Unbanked Mobile Money: N3,000 max/transaction, N30,000 daily limit
  • MTN Semi-Banked Mobile Money: N10,000 max/transaction, N100,000 daily limit
  • MTN Fully Banked Mobile Money: N100,000 max/transaction, N1,000,000 daily limit

Unbanked mobile money is the easiest to join, it requires minimal documentation and requires no bank account. Semi-banked money will require similar documentation as opening a savings account while fully banked mobile money will require similar documentation as opening a current account.

The mobile money service is resident on compatible MTN SIMs, so it can be accessed from all types of mobile phones.

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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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Paschal Okafor is NaijaTechGuide Team Lead. The article MTN Mobile Money Transfer Send & Receive Cash was written by Paschal Okafor. The article was last modified: December 13th, 2021
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Paschal Okafor is the founder of NaijaTechGuide. Over the past 15 years, he has managed to turn a blog that started life on a Google Blogger subdomain into the Largest Technology Blog in Nigeria and quite possibly the largest in Africa. Paschal has been building, analyzing, and maintaining websites for over 17 years and can offer you his wealth of experience to help you get the best results for your blog or website.