MTN Mobile Money Nigeria: Everything you should know

The MTN Mobile Money has been launched in Nigeria, but still many Nigerian do not know how it works. In this post, we will provide you with everything that you need to know about the MTN Mobile Money service.
The MTN Mobile Money is a safe and secure electronic service that allows people to send & receive funds with their phones. Through this system, MTN Mobile Money wallet holders can store funds, pay bills, and perform other transactions with their mobile phones.

The Mobile Money service is made possible by both MTN and GTBank.
The MTN Mobile Money functions is an e-wallet, some of the things you can do with it are as follows:

Receive and store funds.
Send money to MTN customers.
Purchase MTN airtime.
Send money to subscribers of other telecom networks.
Withdraw funds at authorized MTN Mobile Money agents.
Pay bills.
Buy and pay for insurance.
Make payments for goods & services.
Pay the tuition and school fees of your child or ward.
Pay wages or salaries of your workers and employees.
Pay for airline tickets.

As a wallet holder of MTN Mobile Money, your funds are stored in a secured electronic account linked to your MTN phone number. Users must subscribe to the mobile money service for them to use this service. You can register for this service at GTBank branch offices, or through MTN Mobile agents. MTN customers should have a SIM card that is compatible with mobile money to get started. If your SIM isn’t compatible, then you are to purchase one from an agent. When you do so, the agent makes a SIM swap for you, in this way, you get to retain your old number. However, you will have to enter some details in a form to complete the MTN Mobile Money registration.

There are 3 types of MTN Mobile Money accounts. Each account has its registration requirements as well as transaction limits.
MTN Unbanked Mobile Money: ₦3,000 maximum transaction, ₦30,000 daily transaction limit.
MTN Semi-Banked Mobile Money: ₦10,000 maximum transaction, ₦100,000 transaction daily limit.
MTN Fully Banked Mobile Money: ₦100,000 maximum transaction, ₦1,000,000 transaction daily limit.

You need to fund your MTN Mobile Money account to start making transactions. To fund your wallet, you are to purchase and use the MTN Mobile Money scratch card. This card shouldn’t be taken for the normal airtime recharge card, this is different.

The MTN Mobile Money scratch card can be bought from agents or at MTN offices and GTBank branch offices. When your account is funded, you can pay for goods and services and also purchase airtime for yourself and other persons. You can also use it to receive funds from people. Before you send funds, ensure that the recipient has a registered MTN Mobile Money account.

If for any reason, you are short of cash or you need money for an emergency, you can quickly withdraw via MTN mobile money agents. Moreover, your Mobile Money debit card can be used to withdraw cash from ATMs.

The MTN Mobile Money service is available in Nigeria, it is a convenient and efficient way of making transactions.