What is mobile Money?

Mobile Money is an alternative payment method used instead of paying with cash, cheque or credit cards. Consumers can use their mobile phone to pay for a wide range of services. It basically involves the use of mobile phones to carry out financial transactions

Benefits Mobile money would bring

1.People would literally have a bank Account with mobile money through their mobile phone but this time their account number would be their mobile phone number

2.Today, we have more people with mobile phones than those with bank accounts. It will be a way to bridge the gap and ensure that everybody with mobile phone can have a bank account

3.Mobile Money would give provision for Broad-based accessibility and availability of banking services at a reasonable cost

4.Mobile Money would allow people in the rural areas send receive money from the comfort of their homes as it removes the need for physical point or presence.

Frequently asked Questions (FAQS)


1.What is the difference between internet banking and mobile Money?
Internet banking is strictly with the bank and you must have access to internet service whereas Mobile Money require only your mobile phone

2.How would consumers get Money on their phone?
Consumers would take their money to a mobile money scheme operator who would in turn convert it to digital money on consumer’s Mobile phone

3.Can I receive, make calls and access other service like migration from one tariff plan to the other while using Mobile SIM card?
Yes. The Mobile SIM card is a normal SIM card, and has the same functionality as any other SIM

4.Do I need a bank account to use mobile Money?
No. you do not need a bank account or internet service to use Mobile Money

5.Can I use my current SIM card for Mobile Money service?
Yes. You may use your existing SIM if it is Mobile Money compatible. The Mobile Money menu is displayed on all compatible SIM cards. If your SIM is not compatible, you may request for a SIM swap or purchase a new SIM.

6.Do all mobile phones support mobile money?
Yes. The mobile money application is registered on the SIM card and is independent of the Mobile phone.

7. How do I keep my Mobile Money 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 Mobile Money menu

8.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 Mobile Money transactions. You are required to remember you PIN at all times

9.Why is NCC involved in Mobile money?
Nigerian Communication Commission (NCC) would see how service providers can provide delivery services on their network while ensuring Consumers enjoy good quality service. NCC would ensure interoperability, network integrity, and adequate quality of service and affordable process of transaction cost to make it convenient for consumers to use Mobile Money.

http://www.kindluv.com/index.php/component/content/article/8-site/319-what-you-need-to-know-about-mobile-money

Thanks for your explanations.

*speechless*

to my dear poster above,with ur USERNAME,are u sure u understood what the guy wrote?
Cuz i see u thanking him for his explanation.
Jst Joking.

*speechless*

to My dear poster above converting your handle.name to its naira equivalent don't you thinking mobile banking is risky ?

Will my phone spit out money like an ATM?

I don't think this mobile money thingy will ever catch on in Nigeria. Those propagating it should just dump the idea.
More POS and GEJ should please supply enough power to use them. I'm cool with my ATM card Chikena!

Kudos to u, but avin Bank acct is stil better than money mobile stuff because u wil still be searchin for money mobile operator scheme b4 u can get d cash

If u want to make payment to a place(market, church, payment for services) & †ђe people nor get the facility to accept ur mobile money nko?
For church nko, offertory box go dey accept mobile money?

Yahoo Yahoo boys go smile soon if care is not taken.

This is gonna be interesting. I need to spend a penny then come back to read all the posts. Brb

obicentlis: Yahoo Yahoo boys go smile soon if care is not taken.

what are you talking about, dey are already smiling. You will see one riff raff in a remote village with laptop and Mtn modem will use it to control someones mastercard or visa card in America. E come be their backyard the thing dey happen.*yawning*

Good improvement if Naijarians will adopt it.

I started using it last year.

Nice innovation, but as far as its in dis naija, I tink I will pass and just stick to my bank account and Atm.. Which already has more problems dan I can currently handle...

I want to know how to convert my mobile money to cash if some pays me with mobile money.

Mr poster u made metion of the advantages only without leting us knw Of the disadvantages

This is a mobil application version of internet banking.
I guess it won't be compatible with every mobile phone and I'm also afraid of the initial challenges that may come along.

Koikoi: I want to know how to convert my mobile money to cash if some pays me with mobile money.

You can cash it in any ATM or mobile money center, or better-still transfer it to your real bank account.

Just watching

What a coincidence. I just came out from Firstbank's training for Mobile money Agents here in PH. I think Mobile Money is the way to go. Embrace it now.

.NET

Igwe.:

You can cash it in any ATM or mobile money center, or better-still transfer it to your real bank account.

Please sir, how do i cash mobile money in ATM. I am lost there...

You need to have the experience. Its awesome and nice...

informative.how dors one get physical cash out of d mobile money account to spend?

wonda26: If u want to make payment to a place(market, church, payment for services) & †ђe people nor get the facility to accept ur mobile money nko?
For church nko, offertory box go dey accept mobile money?

...ask ur Pastor his/her mobile money details then u can wire ur offering direct to his fone..

warrior101:

Please sir, how do i cash mobile money in ATM. I am lost there...

You can transfer it to your account that uses ATM.

.NET:
What a coincidence. I just came out from Firstbank's training for Mobile money Agents here in PH. I think Mobile Money is the way to go. Embrace it now.

.NET

so the trainer dint train the trainee on the disadvantages of mobile money huh!

danniekute: ...ask ur Pastor his/her mobile money details then u can wire ur offering direct to his fone..

..ONE CHANCE

How i wish this mobile money would also be in this format
1. I can load recharge card of the amount of money i want to send to someone.
2. Once i send it the person can transfer the credit to his/her bank acount and withdraw the money i sent in cash.

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What is d difference between mobile money and mobile banking? Because I av been using the latter and it is very good.

If thief catch you e go send all the money go him account

I think pocketmoni is better