MTN will officially launch mobile money services, MoMo in Nigeria, its biggest market and Africa’s most populous nation.
Mobile Money structures across Africa will offer the opportunity to make cash transfers and payments via mobile phone. It is seen as a significant measure to connecting financial inclusion.
As its biggest market, the Nigeria launch is seen as an important move by experts and industry players. One of MTN’s biggest and successful MoMo operations in West Africa is in Ghana.
Some main indicators of the operation on take-off shall be customers send a text for free and get a response giving them a list of registered agents near them. Customers pay transfer sum to agents who in turn gives them a code to be transmitted to the receiver. The receiver goes to an agent near them and collects the cash. The beneficiary must claim the money within 30 days or the voucher will expire.