MTN Nigeria introduces mobile money transfers

Thursday, October 15, 2020

MTN has recently introduced mobile money transfer under the name “MoMo” in Nigeria. The country is MTN’s largest market and also the most populous on the African continent. Mobile money transfers in Africa make it easier to send cash and make payments to traders using a cell phone. Mobile remittances are seen as a key measure to integrate the broad mass of the population in the financial and banking system. The introduction of mobile remittances in Nigeria is seen by many experts and industry representatives as progress. Currently MTN is successfully operating the mobile money transfer system “MoMo” in the West African country Ghana.

The “MoMo” service also works via text messages with older cell phones and relies on representatives or agents of MTN to handle the deposit and withdrawal of cash. The fee for a transaction is 100 Naira ($0.25) and is divided equally between the two representatives on the sender and receiver side. A government representative has criticized the amount of the fee, as transfers with mobile apps from Nigerian banks cost only half as much.

In Ghana, “Mobile Money” is advertised by MTN as fast, easy, convenient, secure and inexpensive money transfer. There, MTN has entered into a partnership with 10 banks and customers there can, in addition to remittances, top up their cell phone credit, pay bills, buy and pay for insurance and purchase services and goods. For the one-time registration only a photo ID is required. Authentication can be done online or at MTN representatives.

MTN Group Limited, formerly M-Cell, is a multinational telecommunications company based in South Africa and operating in numerous African, European and Asian countries. With 236 million customers worldwide, MTN is the eighth largest mobile operator and the largest in Africa. In Nigeria, MTN has 58 million users, a market share of 35 percent and generates a third of its revenues there. The numerous markets in Africa are developing strongly and offer many opportunities. The certification of telecommunications and radio products is particularly relevant in Africa. MPR International GmbH – Africa Certification offers comprehensive certification support for the following certifications for Africa: Radio Type Approval, Pre-Export Verification of Conformity and Certificate of Compliance. Our experienced international team will be happy to answer your questions about African certifications and will be at your disposal at any time.

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