MTN Mobile Money is a mobile financial service offered by MTN to enable a secure electronic transfer send and receive cash. Using the Mobile Money service by MTN, you will have access to store funds, send and receive money from any standpoint.
MTN Mobile Money gives you the opportunity to make payments as well as do a number of other transactions simply using your MTN mobile phone number which is now transform into an e-wallet. And the Mobile Money by MTN can only work for you once you’re MTN Mobile Money wallet holder.
MTN Mobile service is fast, simple, convenient and also affordable. Yes! Before I forget, the MTN Mobile Money is offered by MTN in partnership with over 10 partner banks, in a number of countries across Africa.
In this guide, I will share with you the top secret you should know about MTN Mobile Money and it related tips to help you improve your service when using the MTN mobile financial services.
Let’s get it started!
How does MTN Mobile Money work?
A very nice question, the answer is that MTN Mobile Money helps in storing funds in a secure electronic account that is linked to the MTN mobile phone number you own.
But before sending funds to others, please ensure you check with your recipient that they also have a registered MTN Mobile Money account activated on MTN network.
Features and Uses of MTN Mobile Money
According to MTN on their website, the following are features and some of the uses of mobile money service on MTN network. This includes:
- MTN mobile money service gives you access to manage your account whenever you are.
- It is use to activation MTN data plans.
- Check voice & data balance.
- View calls history.
- It also gives you access to key security codes like PUK number to unlock your MTN SIM card when needed.
- Top-up MTN airtime and enables you to also load airtime for a loved one remotely.
- It is easy to use.
- Receive & store money
- Send money to any MTN mobile phone user that is registered or not.
- To send money to mobile phone users on other local networks.
- Withdraw cash at any authorized MTN Mobile Money agent around you.
- Pay bills like buying and paying for insurance
- It can be used to pay employee salaries, airline tickets, school fees and other goods and services.
Types of MTN Mobile Money Account
MTN have three different mobile money account types that offer different transaction limits alongside different registration requirements. They are as follows:
- MTN Unbanked Mobile Money: You can transfer maximum of N3,000 per transaction and a daily limit of N30,000.
- MTN Semi-Banked Mobile Money: Maximum of N10,000 per transaction is allowed, and N100,000 daily limit.
- MTN Fully Banked Mobile Money: Here, you have access to N100,000 maximum transfer per transaction, and N1,000,000 daily limit.
Among all, Unbanked MTN mobile service is the easiest to join; as it requires minimal documentation and no bank account is needed. Semi-banked mobile money will require similar documentation as opening a savings account while the Fully banked MTN mobile money will require similar documentation as opening a current bank account.
MTN Mobile Financial Services Costs Fees
Following the information on MTN mobile money official website, here are the transaction costs fees:
- Mobile Phone to Mobile Phone money transfer – 10 Naira (both to a friend or merchant)
- Mobile Phone to Cash money transfer – 2% of transaction, i.e 100 Naira per floor
- Cashing out from your MTN mobile financial service account – 1% of transaction, i.e 50 Naira per floor
- Make balance enquiry – N5
- Generating Mini statement – N30 per request
- SIM swap (if needed) – MTN also price for SIM swap
MTN Mobile Money Registration
You can register MTN mobile money online or use the short code to register MTN mobile money or visiting any Mobile Money agent by MTN to register. But before registering, you will have to own a SIM card that is mobile money compatible else, you won’t be able to register.
Alternatively, you can do SIM swap if you want to retain your old number. After this, you’ll need to fill-in some documentation to complete your MTN mobile money registration.
How to register MTN Mobile Money Online
The following steps are use to register MTN mobile financial service:
- Visit the MTN Mobile Money official website.
- Navigate and Click on Register button
- Enter your username (this is also your mobile phone number)
- Select preferred Mobile Money Pin.
- Type-in the captcha displayed
- An OTP (one-time password) will be sent to your phone.
- Copy and Enter the OTP
- You can create your own preferred password or keep the one generated for you at the point of registration.
- Lastly, click on Continue
What is the code to register MTN Mobile Money
Aside the above steps use in registering Mobile Money, you can as well use short code to register MTN mobile money. See steps below:
- Dial *400#
- Replay with option 1 to select “continue self-registration”.
- Type-in your first and last name.
- Fill in your date of birth (MM/DD/YYYY). MM for month, DD for day, YYYY for year.
- Choose and note down your 5-digit PINSECRET code
- Lastly, Validate and you’re down
How to register MTN Mobile Money Account through MoMo Agent
To register Mobile Money account with any MoMo agent close you, follow this steps below:
You are to go to any MTN MoMo customer corner with your valid ID (such as National ID card, driving licence, passport) and also your registered MTN SIM card.
The MTN MoMo agent attending to you will ask you some question about yourself, please ensure you provide him/her with valid information.
When done, you Mobile Money account will be available and you can now send, and receive money globally.
Please note down your MTN MoMo PIN code and key it as a secret and strictly personal, you should not share it with anyone and no one from MTN will call you to ask for it.
How to do MTN MoMo Transfer
Are you on this section to know how to send money to registered mobile money user on MTN network? See below guide:
- Dial *222#
- Reply with option 1 from the menu
- Then, select option 1 again to send money to registered MTN mobile money user
- Enter the recipient Mobile phone number.
- Enter Amount
- Enter your MoMo Secret PIN
- Lastly, hit the sent button
Finally, you and the recipient would receive a successful SMS notification about the transfer.
How to know more details about my MTN Mobile Money
With your MTN Mobile Money App, you can access more features like:
- Check your MTN mobile money balance
- Transfer money from your bank account to your MTN Mobile Money e-wallet
- Cash out your Mobil Money wallet from any ATM cash point
- Pay directly with MTN Mobile financial service Pay
How to check MTN mobile money balance
As earlier stated, one of the best ways to check your MoMo account balance is using the MTN mobile money app. Aside checking your balance, it also allows you to check your rates, and offers you a better way to control all your MTN mobile services.
Now to get started using the MoMo app to check balance, you will have to download MTN mobile money app on your device.
To download MTN mobile money app, visit Play Store (for android users) or App Store (for iOS users). You can also text MYMTN to 5018, and get link to download the app. This link will be sent in as SMS to your phone.
For more information on the services available via MTN Mobile Money in a specific country, please check the MTN website, or visit one of their dedicated agent’s outlets to get more insight.