MTN Nigeria’s fintech subsidiary MoMo PSB has announced the launch of its outbound and inbound remittance service, enabling customers in Nigeria to send money to 13 African countries.
Driving The News
Users on the service can now send money from Nigeria to 13 African countries including Benin Republic, Cameroon, Congo Brazzaville, Côte d’Ivoire, Democratic Republic of Congo, Gambia, Liberia, Malawi, Rwanda, Sierra Leone, Togo, Uganda, and Zambia.
Users can also receive money from six African countries including South Africa, Rwanda, Uganda, Zambia, Democratic Republic of Congo, and Mauritius.
How It Works
MoMo users can instantly send and receive funds, with the transaction value automatically converted to the recipient’s local currency. There is a minimal 3% transaction charge.
To use the outbound remittance service, customers can log in to their MoMo account and tap on the ‘Transfer to Africa’ icon.
Alternatively, they can dial *671*1*3# with their MoMo number, and enter the recipient’s phone number including the country code.
What They’re Saying
Speaking on the new development, Phrase Lubega, the acting chief executive officer, MoMo PSB, said “This is a significant milestone towards advancing economic empowerment, reducing trading barriers and bridging the financial gap in African nations.
It’s an exciting time for us at MoMo PSB as our customers can easily, and quite swiftly, make transactions across 13 African countries, and use our Gift Card service for international payments.”
Source: Techpoint Africa
