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.

yamakuza:

GTB + MTN = Nice Combo?

Service wise, i would expect this to be the most efficient.

Reference:

Too many mouths to feed. The rates will be high though a good idea.

Does anyone know the transaction cap.

and whether the virtual cash can be downloaded to a bank account remotely.

deekseen:

I can trust GTB but not MTN. They still have major problems in their share and sell transactions, deductions are made but the transfers hang alot and their customer care just play music for you. When urgent transactions are to be done, i foresee more than half not being completely processed. I hope other networks go into this mobile money stuff too.

civilserva:

CBN never awarded any mobile money license to MTN. MTN hired their foot soldier to attack CBN GOVERNOR claiming CBN has no power to award such license. more details follow this link to money website

http://mobilemoneyafrica.com/mtn-flays-cbn’s-m-payment-policy-in-nigeria/

Reference:

Too many mouths to feed. The rates will be high though a good idea. Does anyone know the transaction cap. and whether the virtual cash can be downloaded to a bank account remotely.

Don1Dee:

I was surprise when i saw d text. It was unanimously agreed no telco should be given license. I really don't know they maneuver their way. In fact, they did no pilot-I smell something shady!
It is sectioned or pyramided, individuals on d lowest pyramid are to do a maximum of ten transactions with each
transaction not exceeding 3k.

For now, check out U-Mo(run by UBA & Glo) and Fortis Mobile Money(a micros-finance bank in Abj.) Their service is ok for now.

cecegorz:

MTN is really acting so desperate here. CBN has not awarded any Mobile telco the Mobilemoney Licence and has told MTN to desist from deceiving the public by it's numerous adverts.
Surprisingly, those adverts are still airing, now they've added SMS marketing to it.
Buyers Beware!