In case you are among people who don’t know what mobile money is, this mobile money is all about financial transactions, where financial values are been transferred from person to person making use of the Unstructured Supplementary Service Data (USSD) platform on mobile networks.
This electronic fund transfer platform was however introduced by the Central Bank of Nigeria (CBN) on the 1ST of January, 2012 to complement the entire spectrum of cashless economy policy that was proposed by the Federal Government.
This cashless policy is being embraced more and more in most economies of the world. However, there are countries such as the UK and other most developed economies where it is very rare to see raw cash.
Currently, there are relatively few companies which have been licensed to operate in the mobile money arena in Nigeria. But there are still mobile money operators operating without license and can be termed illegal Mobile Money Operators (MMOs). However, among those given license to operate by the CBN are those who are struggling to stay afloat, most of which are those without the backing of a major commercial bank. So it is expected that their licenses may soon be withdrawn from them.
According to what Central Bank of Nigeria (CBN) said, they have granted licenses to 21 Mobile Money Operators in Nigeria; which are made up of 15 non-bank operators and 6 bank operators that have been in operations since January 2013 to date.
But notwithstanding, the volume of transactions on the payment platforms is still very low, this is according to data obtained on NIBSS official website.
This mobile payment is a phone only financial service with or without formal banking accounts. It’s a 24/7 services.
The Benefits Of Mobile Money
- Ability to do money Transfer.
- You can buy Airtime.
- You can pay bills (PHCN, DSTV, GOTV, etc.).
- Ability for merchants to pay for goods and services.
- You can check your bank and wallet account balance.
- You can change your PIN.
- You can view mini statement of your account.
The Guaranty Trust Bank (GTBank) is a foremost financial institution in Nigeria. The bank operates the GTMobileMoney Company in partnership with LonestarCell and MTN.
Here Is How To Register For Gtmobilemoney
For those who want to register for the GTMobileMoney, you can visit https://www.gtbank.com/uploads/download-forms, once you have downloaded the form, fill it and then submit the application form to any GTBank branch.
The Requirements For Gtbank Mobile Money Agent
To be an agent, you need to have any of this identification card below:
- A valid passport
- A valid Driver’s license
- A valid voter’s card
- A valid national I.D.
So To Complete Registration
- Just dial *156#
- After which, you will receive a welcome message, please select I.D. type;
- Then choose Play/Send;
- Input your I.D number, e.g. 1234
- Choose a PIN code, e.g. 32564
- Then repeat the PIN code- 32564
After which, you can now transact.
Just dial *156# and press Call/OK
Your phone gives a menu to select Send Money to, Pay Bill, Buy Airtime, Allow cash out, Manage Account and Customer Service.
You can then choose the transactions you want to perform and follow the instructions on the screen and complete the transaction.