Last Updated on 1 year by sfundcom
MTN Mobile Money Transfer is a service that helps MTN user to send and received money through their mobile app on their mobile phone. MTN offer this service in collaboration with GTbank. This is one popular mobile money service that is launched in Nigeria for the past months. This is the best so far that has been launched.
This mobile transfer enables you to transform your mobile phone to an e-wallet. This is only possible for MTN subscriber with a compatible SIM that is registered and then creates an e-wallet on their mobile phone and deposit funds into it. Once your account is funded, you can pay for goods and service through it with your phone as participating merchants or transfer funds to family, friends, and clients.
How does MTN mobile money Transfer work?
To enjoy the full benefit of this mobile service, firs, you have to subscribe, transfer funds to the MTN mobile money do not require mobile money subscription. For you to utilize this register with any MTN mobile money agent location or enter any GT bank branch to register.
The requirement for registration is your mobile money compatible SIM. Make sure your SIM is mobile money compatible if not, you can buy a compatibles SIM and Register it from their agent. Or the agent can help you to do a SIM swap to retain your old number. Note, Once you have done that you will be expected to fill in your information to complete your MTN Mobile Money Registration.
In other for you to funds mobile money transfer account all you need do is to buy and load MTN mobile money Scratch card. Note, this scratch card is different from our normal recharge card for mobile phone. This scratch card is available in all mobile agent offices, all GT bank branches, and MTN centres. Mobile money transaction has a 4-digit pin for security. The PIN will be required to authorize the transaction. So, you must keep safe.
Once funded, you can use it to pay for goods and services at supporting merchant. Also transfer funds to friends, family and to other network subscribers. You can as well receive from other network money subscriber on your mobile phone.
You can withdraw cash from any MTN Mobile money e-wallet from any mobile money agent. Also, you can use the mobile money debit card to cash fund from ATM Machines.
We have three types of MTN mobile money account offering different transaction limits and different registration as required
MTN Unblock Mobile money: #3,000 max/transaction, #30, 000 daily limit
MTN Semi-Banked mobile money: #10, 000 max/transaction, #100,000 daily limit
MTN Fully Banked mobile money: #100,000 max/transaction, 1, 000,000 daily limit
MTN unbanked mobile money is the simplest one and easiest to join, minimum information and documentation are required, no bank account. Semi-Banked Mobile money requires similar document when opening a saving account. While the MTN full bank account requires a similar document when opening an account in the bank.
The mobile money transfer is only possible on resident compatible MTNSIM and is accessible all type of mobile phones.
MTN Mobile Money Fees Cost
Based on the information on the MTN website, Here are transaction cost of MTN mobile money service:
Phone – to phone money transfer ¬¬¬¬-# 10 (t0 a friend or merchant)
Phone- to Cash Money transfer – 2% of the transaction, #100 floor
Cash-out from the account – 1% of the transaction, #50 floor
Balance inquiry – #5
Mini stamen – #30 per request
SIM swap(if Required) – MTN price for SIM swap;