MTN has introduced the MobileMoney among its range of services. The
telecommunication company says the service which is powered by the firm would
be offered in partnership with some Central Bank mobile money licensees.
“Introducing MobileMoney powered by MTN, offered by CBN licensees” the firm said via text messages circulated yesterday. The telecommunications firm also added that “it is the (new) safe and easy way to send/receive money with your phone”.
MobileMoney is a service allowing you to transfer money using a mobile phone and is available to any MTN subscriber (Prepaid and Postpaid), after registration, the firm said on its website.
A number of mobile money firms have been approved by the central Bank in principle to embark on the pilot phase of rendering mobile money services though there is no document on the regulatory body’s website to show how many companies have been registered and under what terms the firms were approved in principle.
It is however believed that the partnership between telecommunications companies and mobile money companies would help create a secure and convenient mobile payment industry that would enable all mobile and non-mobile phone subscribers in Nigeria to send, withdraw, save and pay for goods and services through a mobile phone.
“Introducing MobileMoney powered by MTN, offered by CBN licensees” the firm said via text messages circulated yesterday. The telecommunications firm also added that “it is the (new) safe and easy way to send/receive money with your phone”.
MobileMoney is a service allowing you to transfer money using a mobile phone and is available to any MTN subscriber (Prepaid and Postpaid), after registration, the firm said on its website.
A number of mobile money firms have been approved by the central Bank in principle to embark on the pilot phase of rendering mobile money services though there is no document on the regulatory body’s website to show how many companies have been registered and under what terms the firms were approved in principle.
It is however believed that the partnership between telecommunications companies and mobile money companies would help create a secure and convenient mobile payment industry that would enable all mobile and non-mobile phone subscribers in Nigeria to send, withdraw, save and pay for goods and services through a mobile phone.
Let
us answer some questions about or concerning MobileMoney from MTN
What
is MobileMoney and what are the benefits?
MobileMoney is a convenient, secure, and affordable way
of sending money using an MTN mobile phone. This service is offered by MTN in
partnership with GTBank.
Who
can use the MobileMoney?
MobileMoney is available to all subscribers of the
service. Non-subscribers can also benefit from a number of the services in
MobileMoney.
Do I
need to have a bank account to use MobileMoney?
No. You do not need a bank account to use MobileMoney.
Where
can I register for the service?
Approach any participating agent to register.
What
do I require to register?
The requirements vary with the MobileMoney account type
that you want. The three variants are:
Unbanked: Allows you maximum transaction limit N3,000 and
daily limit of N30,000
Semi Banked: Allows you maximum transaction limit N10,000 and daily limit of N100,000
Fully Banked: Allows you maximum transaction limit N100,000 and daily limit of N1,000,000
Semi Banked: Allows you maximum transaction limit N10,000 and daily limit of N100,000
Fully Banked: Allows you maximum transaction limit N100,000 and daily limit of N1,000,000
Can
I use my existing SIM for the MobileMoney service?
Yes. You may use your existing SIM if it is MobileMoney
compatible. The MobileMoney menu is displayed on all compatible SIMs. If your
SIM is not compatible; you may request for a SIM swap or purchase a new SIM.
Will
I be charged for the SIM swap?
Yes. You will be charged for the going market rates for a
SIM swap. However, this is waived for those participating in Pilot
Can
I keep my existing phone number if I register for MobileMoney?
Yes. You may keep your existing phone number.
Will
I be able to save my old contacts on the new SIM card if I do SIM swap?
Yes. You should copy your old SIM contacts to your phone
before you do a SIM swap. Alternatively, you may use MTN Phonebook Backup to
copy your contacts to the MTN network and retrieve them to your new SIM after
the swap.
Do
all mobile phones support MobileMoney?
Yes. The MobileMoney application is registered on the SIM
card and is independent of the mobile phone.
Where
is the money that is deposited into a MobileMoney account?
The money is domiciled at the primary bank which in this
case is Gtbank
Can
I do MobileMoney transfers on the internet?
Yes. You can access your MobileMoney account via the
following internet link:http://www.GTbank.com/MobileMoney
What
is the difference between Share & Sell and MobileMoney?
MobileMoney allows you to send and receive real money on
your mobile phone, and cash-out at any participating agent or ATM. Share and
Sell Service allows you to send MTN prepaid airtime to be used for voice calls
and SMS.
Can
I receive, make calls and access other Services like migration from one tarrif
plan to the other while using MobileMoney SIM card?
Yes. The MobileMoney SIM card is a normal SIM card, and
has the same functionality as any other SIM.
What
features are available with MobileMoney?
- Load a MobileMoney scratch card into your MobileMoney account
- Send and receive money from the convenience of your mobile phone
- No need for a Bank account to send or receive money
- Reach anyone in Nigeria; the receiver need not have a phone
- Buy prepaid airtime for yourself and other customers
- Manage your MobileMoney account
- Withdraw cash at an participating agent or ATM
Can
I use an existing MTN prepaid airtime scratch card to recharge?
No. You cannot use an existing prepaid airtime card.
There is a special scratch card for MobileMoney which can be obtained from
participating agents
Can
I use MobileMoney to pay for my utility bills like electricity and water
charges
No, you may not use your MobileMoney account as a
collateral
What
is MobileMoney debit card?
The MobileMoney debit card is similar to the regular ATM
card; it is linked to your MobileMoney account and allows you to withdraw cash
from any ATM displaying the Interswitch and QuickCash (ATMC) Acceptance Logos
What
transactions can I perform with my MobileMoney debit card?
You can check/ print balances, check/ print mini-statement
& Cash withdrawal
How
secure is my MobileMoney debit card?
Your MobileMoney debit card is protected by a secret
Personal Identification Number (PIN). Your debit card PIN is the same with your
MobileMoney account PIN. This number must never be disclosed to anybody. If you
have reasons to believe your PIN has been compromised, you can change it from
the MobileMoney menu.
How
soon can I start using my MobileMoney debit card after I receive it
You start using your MobileMoney debit card immediately
once you link it to your account. You can switch the card ON or OFF via the
MobileMoney menu on your phone
Can
I use my MobileMoney debit card to make foreign currency payment?
No. Your MobileMoney debit card is a Naira denominated
debit card, tied to your MobileMoney account with the bank. You can only make
payments that are dominated in Naira.
Can
I use my MobileMoney account outside of Nigeria?
Yes. The MobileMoney service originates from your SIM
card and is sent encrypted to the Network operator in Nigeria. The
service works as normal. However, you may be charged for the SMS traffic by the
host network at International Roaming rates.
Can
I transfer money from my bank account to my MobileMoney account?
Yes. If you have a GTBank account, you can link that
account to your MobileMoney account and load money into your MobileMoney
account using the mobile phone.
Can
I transfer money out of my MobileMoney account to my bank account?
Not yet; however this feature will be available in future
versions
Can
I get overdraft facility on my MobileMoney account?
No. You cannot use more money than you have available in
your MobileMoney account.
Can
I use MobileMoney on a community phone?
Not yet. This functionality will be available in future
versions
SECURITY
& SUPPORT
How
do I keep my MobileMoney Account secure?
You need to keep your Account PIN secret from others.
Memorize your Account PIN and do not carry it with your phone. Never give
away your Account PIN. If you have reasons to believe your Account PIN
has been compromised, you can change the Account PIN from the MobileMoney menu.
What
is my PIN?
PIN stands for Personal Identification Number. It is a 4-digit number known only to you, and is used to authenticate your MobileMoney transactions. You are required to remember your PIN at all times.
PIN stands for Personal Identification Number. It is a 4-digit number known only to you, and is used to authenticate your MobileMoney transactions. You are required to remember your PIN at all times.
Is
the MobileMoney account PIN the same as my SIM card PIN?
They don’t necessarily have to be the same. The selection
of PIN is your decision.
Who
do I contact for support ?
Contact the MobileMoney Call Centre on 118
Is
my money safe?
Yes. Your money is stored safely within GTBank in a
special account opened for MobileMoney.
Can
I change my PIN on an ATM machine?
No. You can only set or change your PIN from your
MobileMoney phone.
What
happens if my phone/SIM is lost or stolen?
Your money is safe. Your MobileMoney account is protected
by your Account PIN.
What
do I do if my phone/SIM is lost or stolen
Call the MobileMoney Call Center on 118 to block your
account. Thereafter, swap your SIM at any participating outlet. Lastly, call
the MobileMoney call Center on 118 to unblock your account
What
do I do if my debit card is lost or stolen?
Deactivate your card immediately using the debit card
ON/OFF feature on your phone. Thereafter, call the customer care help line on
118 for the card to be hot listed
What do I do if my MobileMoney scratch card is damaged?
You need to call the MobileMoney Call Center on 118 and
follow their instructions.
TARIFFS
How much does it cost?
Visit the MobileMoney website for more information on
tariffs on www.GTbank.com/mobilemoney.
Will I be charged for receiving money to my MobileMoney
account?
In this era of cashless policy, start benefiting from all
the products and services offered in the economy. MobileBanking is fun.
Use the comments form to ask all your questions and
complaints.
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