MoMo Payment Service Bank is a fully registered limited liability compony with Corporate Affairs Commission (CAC) and licensed by the Central Bank of Nigeria (CBN) to offer financial services as outlined in the PSB Framework. This enables MTN to provide financial services to the underserved and unbanked in Nigeria.
Last month, MTN received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday.
After waiting for over 2 years for the permit, MTN Group LTD now have the leave to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions.
MoMo PSB is a subsidiary of MTN Nigeria Communications PLC.
How To Have An MTN MoMo Bank Account
To become a customer, it is as simple as dialing *671# and inputting a 4-digit pin.
Other FAQs On MoMo PSB
Q. What are the services offered by MoMo PSB?
• Send and Receive money from any phone number
• Send and Receive money from any bank accounts
• Pay Bills,
• Buy Airtime,
• Withdraw Cash etc.
Q. Is MoMo PSB only For MTN customers?
A. No, any customer on any network can open a MoMo PSB wallet.
Q. How do I fund my MoMo PSB Wallet ?
A. You can transfer money from another bank account into your MoMo PSB wallet by doing the following:
• Go to your other bank app and choose ‘AccessYello and Beta’ as bank name (Soon to be replaced by MoMo PSB)
• Input your MoMo PSB number without the first 0 as account number i.e. ‘8032001234’
You can also deposit money into your MoMo PSB wallet at MoMo agents.
Q. How do I withdraw cash from my MoMo PSB Wallet?
A. You can withdraw cash from your MoMo PSB wallet by visiting a MoMo Agent.
Q. What are the transaction limits on the MoMo PSB wallet?
A. There are 3 tiers of transaction limits:
Tier 1 – Maximum single transaction limit of N50,000, daily transaction limit of N100,000 and maximum cumulative balance of N300,000.
Tier 2 – Maximum single transaction limit of N200,000 and maximum cumulative balance
of N500,000.
Tier 3 – Maximum single transaction limit of N5,000,000 and no limit on cumulative balance
Q. Can I send money to my family and friend that does not have a bank account via my MoMo PSB wallet?
A. No. For now it is a Pilot limited only to staff. We will update you once it is available to family and friends.
Q. Is there a MoMo PSB App that I can use to transact?
A. Yes. Visit the Google Play Store or Apple Store and search for MoMo PSB app
How to Download the App
[appbox googleplay com.consumerug&hl=en&gl=US]
Funding the MoMo agent account is very easy to do if you know how to go about it. Here we will show you how to fund MTN MOMO agent account in Nigeria.
MTN Nigeria introduced the Mobile Money (MoMo) account to enable interested users become agents, and make a living by rendering services like sales of airtime, subscription service, and payment of bills.
For an agent of Mobile Money to carryout financial dealings, there must be available funds in his/her MoMo account. And that is strictly what this post stand to divulge.
Procedure On How To Fund Your Account
There are several platforms that can be used to fund the Mobile Money agent account, these include Mobile banking applications, through different agents of the platform, MTN office/shops, online e-wallet, etc.
The most common method used in funding the agents’ account successfully, is via Mobile banking application.
How to fund MTN MoMo agent account in Nigeria
- Locate you Banking App on your cell phone.
Sign in using your details.
Locate the ‘transfer icon’ in the app, and click on it.
Select the account that will be debited (if you have multiple accounts with the bank).
Different options like “Same bank” and “Other banks” will pop up. Select
“Other banks”.Choose receiver’s bank name as “Access Yello and Beta”. (It will be seen among the various banks that will display).
Enter your MoMo agent account number (This is typically your number with the exemption of the primary zero i.e 7062446414).
Ensure you see your name as the receiver’s name before inputting the transfer amount.
Click on Proceed.
Input your mobile application pin, then click on “Send”.
Once Successful, you will be debited and your agent account will be funded with the exact sum transferred.
Note: All banks app have completely different design, and software builds, the most important thing is to locate Transfer, and send to Access Yello and Beta using the ten (10) digits of your phone number as your account number, after excluding the first zero.
How to confirm if your mobile money (MoMo) account has been funded
After a successful transfer from your bank mobile application, you can check if the money has reflected by doing the following;
- Dial the code *502# with the line used in registering the Mobile Money agent account.
- Select 5 which is “Bal/Commission” from the options that will pop up.
- Confirm the process by inputting your four digit pin.
After doing this, your balance will be displayed on your phone screen, likewise your commission accumulated so far as an associate agent.
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