Mobile Money Services In Nigeria – Netmediablog

With the introduction of cashless society in some states already in Nigeria and proposed inclusion of more till Nigeria totally becomes a cashless society at large, there have been some financial innovations and one of them includes the Mobile Money service. I have decided to write on this topic to enlighten people about the Mobile Money services in Nigeria.

What is Mobile Money?

Mobile Money is a payment solution or service allowing users to transfer money or pay for goods and services using their mobile phones.  The central bank of Nigeria had already licensed some providers to offer mobile money services in Nigeria and some of them includes MTN Mobile Money, QikQik Mobile Money, PocketMoni, U-Mo Mobile Money and Glo Text Cash etc.

How Mobile Money services work:

Just like Google Wallet turns your mobile phone into an electronic wallet or simply e-wallet, Mobile Money in same way turns your mobile phone into an e-wallet. You can fund your e-wallet from authorized agents, partner banks and partner telecom companies. MTN Mobile Money seems to be at the fore front of this service so far.

Once your Mobile Money e-wallet has been funded, you can make payments for goods and services, transfer funds to friends and family from your e-wallet. You can as well pay your utility bills via this service. Withdrawals can as well be made from designated agents.

MTN Mobile Money Services:

MTN in partnership with Guaranty Trust Bank (GTB) have partnered to provide Mobile Money services to Nigerians.  The MTN Mobile Money services will allow customers to send and receive money to and from anyone in Nigeria. You do not have to be an MTN customer or even a mobile phone owner to access this service. You can withdraw fund sent to you from Mobile Money agents.

How to register with MTN Mobile Money Service:

1. Dial *500# from an MTN registered SIM
2. You will be prompted to select your desired bank, reply with the corresponding number of the provider you want to use.
3. Next, provide the appropriate answers to the personal questions you will be asked. You will be asked to proved your own 4 digit PIN and repeat it.
4. Then you will be sent an SMS confirming your Mobile Money account number which is normally your phone number and your 3-digit verification code.
5. Then you can dial *500# to start using MobileMoney services.

You can choose from the range of services offered in the MTN Mobile Money Services by simply dialing *500# on your phone. Reply with the appropriate number representing the service you want.

How to send Money via MTN Mobile Money:

1. Dial *500# on your mobile phone with which you must have registered a Mobile Money account with and must have obtained your verification code and PIN number.
2. A message displaying the options will be displayed, press the reply button and type in 1 and press send.
3. You will be asked if you want to send the money to a registered user, send to others or send to favourites etc
4. Choose the number that best describes the person you want to send the money to, in this case let’s assume the person has not yet registered for Mobile Money as so many people have not yet registered for this service, choose the number 2 and send.
5. You will be asked to enter the amount you want to send to the person, reply with the correct amount you want to send to the person.
6. Next you will be asked for reference, you can enter anything just to reference the transaction eg ‘money sent to my sister’ or ‘payment for my hp laptop’ etc
7. Then you will be asked to enter your 4-digit secret code, reply with your PIN and send
8. Then you will receive a message confirming the transaction.

Mobile Money in Nigeria will serve the same purpose as Google Wallet as we do not have to carry cash around, shopping will even be more fun since we can make transactions from our mobile phones.

If you find above post on “Mobile Money Services In Nigeria” interesting and useful, please share this post with your friends using the share tools on the left hand side of the browser or the ones under this post. Please if you haven’t liked our Facebook page simply click on the “Like” button on the right hand side of the browser. You can also follow us on Twitter right under the Facebook page. I hope you read my blog post on “Buy recharge cards online in Nigeria with ATM cards – Chithub.com“.

Use the subscription box below to subscribe to my feed by email so you can be getting more of my posts on your email even when you are offline.