MTN Nigeria Launches Mobile Money Transfer Services (MoMo)

MTN Nigeria has launched a mobile money transfer service to provide financial services across the country.

At the launching ceremony on Thursday, August 29 in Abuja, MTN Nigeria said it is going to deepen financial inclusion with the launch of MoMo Agent in Abuja and other parts of the northern states.

Mtn momo

The telco registered the new subsidiary with the Corporate Affairs Commission in 2018 and obtained a super-agent licence from the Central Bank of Nigeria in July.

It was gathered that the super-agent licence would enable the telco to facilitate domestic payments for over 65 million subscribers in Nigeria using phone numbers.

The licence issued on Thursday, July 25, 2019, according to the company, would enable it to join the league of financial technology companies that are accelerating financial inclusion in the country through an agent network.

Important Keys To Note On MTN MoMO Operation

  • Customers send a text 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.

A key issue raised by a former top civil servant has been the 100 naira charge on transaction which he says is about double the 52 naira charged on mobile banking transactions.

With MTN MoMo, you can use 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.

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