MTN MoMo service
MTN MoMo: MTN Nigeria yesterday announced the completion of its MoMo Payment service bank. This follows the CBN’s approval of its licence in April this year.
The PSB model of banking came as an easy way out for Nigerians to save money. However, MoMo still offers various types of services such as deposit collection, savings accounts, and international remittances.
The purpose of the Nigerian government is to help people by providing them access to funds and banking services. This should be reflected through the use of a font that matches this purpose.
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How MTN MoMo PSB will work
MTN will be allowed to use its technology and bank accounts to enable transfers from people who are unbanked across Nigeria. This will allow more people to access banking services.
MTN wants to operate in rural Nigeria, meaning there should be lots of places where people can’t use ATMs or phones.
Mobile money transfers should operate in rural areas and be accessible in places without bank accounts. MTN expects to have more than half of the physical access points in rural areas.
MTN would start to deploy ATM machines in some places to allow clients to withdraw cash just as ordinary commercial banks do.
However, the main contradiction is that while commercial depository banks can lend and advance, MTN cannot.
While many see them as a threat to banks, they are actually meant to supplement their efforts, as their deposits can be placed with any bank of their choice.
How to open MoMo PSB account
MoMo PSB makes it simple to open an account by dialing *671# and entering a four-digit pin.
How to fund your MoMo PSB account
You can deposit money into your MoMo PSB wallet from another bank account by doing the following:
- Select ‘AccessYello and Beta’ as the bank name in your other bank app (Soon to be replaced by MoMo PSB)
- Enter your MoMo PSB number without the first 0 as the account number, for example, ‘8032001234’.
- MoMo agents can also help you fund your MoMo PSB wallet.
- You can withdraw money from your MoMo PSB wallet by going to a MoMo Agent or transferring it to another bank. Currently, the PSB has 166,000 active agents across the country.
What you can do with MoMo PSB
Individuals can make purchases, pay bills, send, receive, and save money in a cost-effective manner. When you transact with MoMo, your phone is your link to your money.
Business owners are not excluded. As a business owner, MoMo PSB offers a variety of solutions to increase efficiency and lower operating costs, whether you are a small business looking for a mobile way to manage finances or a large business looking for an easier way to pay staff salaries.
You can:
- Purchase airtime and bundles
- Pay your bills
- Spend less money
- Collaboration: Request payments from your customers, create bills, upload invoices, and collect payments from them.
- Disbursements: With the MoMo Business bulk disbursement interface, you can pay suppliers, employees, or any group of people.
- Financial Services: Loans and savings to help your business grow faster.
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