MTN Mobile Money is a fast, simple, convenient and a secure way of transferring money, airtime recharge, making payments and other transactions with the use of a mobile phone via an MTN enabled SIM. This service enables users to send and receive money with their mobile phone from far and wide relations on the network and bank account holders.
Mobile Money is provided by MTN in conjunction with GTBank. It is one of numerous mobile money services that have been launched in Nigeria over the past few years. With the MTN Mobile Money, you transform your mobile phone into an e-wallet. Any MTN subscriber with a mobile money compatible SIM can open an e-wallet account on their mobile phone and deposit funds in it. After your mobile money account is funded, you may then pay for goods and services via your mobile phone at participating merchants or transfer funds to loved ones, business partners and clients. The mobile money service is resident on compatible MTN SIMs, so it can be accessed from all types of mobile phones.
To fully utilise the MTN mobile money service, you are required to register first. After registration, you can now begin to transact with your account. You can register at any MTN mobile money agent location nationwide or at any GTbank Branch Offices and MTN Walk-In Centres.
Registration requires a mobile money compatible SIM. If your SIM is not mobile money compatible, you may simply purchase one from the agent. If you like to retain your number, you may simply request SIM swap. Also, you will be required to fill-in some documents to complete your MTN mobile money registration.
Types Of Account
There are three types of MTN mobile money accounts. Each of these accounts offers different transaction limits as well as different registration requirements:
MTN Unbanked Mobile Money
This has a N3,000 maximum transaction limit per time and N30,000 daily maximum limit. Unbanked mobile money is the easiest to join, it requires minimal documentation and requires no bank account.
MTN Semi-Banked Mobile Money
This has N10,000 maximum transaction per time while daily maximum limit is N100,000. Semi-banked money will require similar documentation as opening a savings account.
MTN Fully Banked Mobile Money
This has N100,000 maximum transaction per time and N1,000,000 daily limit. Fully banked mobile money will require similar documentation as opening a current account.
How To Fund You Account/Wallet
To fund your mobile money account, simply purchase and load an MTN mobile money scratch card. It is important to note this is not the normal recharge card purchased for mobile network services. You can acquire the scratch card at all mobile money agent locations nationwide, GTBank branches as well as at MTN centres. Mobile money transactions are protected by a 4-digit PIN which you will create during registration. The PIN will be required to authorise all your mobile money transactions in order to keep your transactions safe and secure.
Transactions You Make On This Platform
After funding your MTN mobile money account, you can then begin to use your MTN phone to do the following;
- Make payment for goods and services at supporting merchants
- Purchase MTN recharge cards for yourself and loved ones.
- Make transfer of 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.
- In the situation you need cash, you can withdraw funds (cash) from your MTN mobile money e-wallet from any mobile money agent.
- You may as well use the Mobile Money debit card to cash your funds from ATM machines.
MTN Mobile Money Transaction Costs
Below are the transaction costs of MTN Mobile Money:
- Phone-to-Phone money transfer will cost N10 (to a friend or merchant)
- Phone-to-Cash money transfer will cost you 2% of transaction.
- Withdrawal from Account will cost you 1% of transaction.
- Checking of account balance cost N5
- Viewing your mini statement costs N30 per request.