Frequently Asked Questions About Mobile Money
Mobile money is an innovation that would help so many online (and offline) businesses. This is because it will make payment faster and most times you won’t have to ask your customers to go and make payments in bank when they can conveniently make payment with the use of mobile money. This post will answer the many questions about mobile money people have been asking.
What is Mobile Money and what are the benefits?
Mobile Money is a convenient, secure, and affordable way of sending money using an mobile phone. This service is offered by telecommunication industry in partnership with banking industry.
Do I need to have a bank account to use Mobile Money?
No. Mobile Money is available for anyone, no bank account is required.
Who are the users of Mobile Money Service?
The Mobile Money service is available to all subscribers of the service. You may subscribe for any three categories of the service as stipulated by the Central Bank of Nigeria (CBN)
Unbanked: Allows you maximum transaction limit N3,000 and daily limit of N30,000
Semi Banked: Allows you maximum transaction limit N10,000 and daily limit of N100,000
Fully Banked: Allows you maximum transaction limit N100,000 and daily limit of N1,000,000
Non-subscribers can also benefit from a limited number of services.
What is my Mobile Money account Number?
Your Mobile Money account number is your mobile phone number.
Where is the money/cash that is deposited into a Mobile Money account?
The money is domiciled at the primary bank which in this case is GTBank
Is the Mobile Money Account PIN the same as my SIM card PIN?
They don’t necessary have to be the same. The selection of PIN is your own decision.
Can I do Mobile Money transfers on the internet?
Yes. You can access your Mobile Money account via the internet and carry out transactions.
What features are available with Mobile Money?
- Load a MobileMoney scratch card into your MobileMoney account
- Send and receive money from the convenience of your mobile phone
- No need for a Bank account to send or receive money
- Reach anyone in Nigeria; the receiver need not have a phone
- No monthly charges
- Buy prepaid airtime for yourself and other customers
- Manage your Mobile Money account
- Withdraw cash at a dealer or any ATM connected to Interswitch
Do I need to have a minimum balance in my Mobile Money account?
No. Your MobileMoney account can hold any amount from 0 to N200,000.
Are there any services charges to maintain my MobileMoney account?
No. MobileMoney only charges for the transactions you do.
How do I register for MobileMoney?
You can register for MobileMoney at any participating Dealer, Service Center or Connect Store. You will need to provide the following details:
- Date of Birth
- Proof of Identity (driver’s license, ECOWAS or Nigerian passport, National ID card, or any other ID from a trusted institution)
- Phone number
- Email address (if available)
Can I use my existing SIM for the Mobile Money service?
You may use your existing SIM if it is MobileMoney compatible. The MobileMoney menu is displayed on compatible SIMs. If your SIM is not compatible you may request for a SIM swap or purchase a new SIM.
Do all mobile phones support MobileMoney?
Yes. The MobileMoney application is registered on the SIM card and is independent of the mobile phone.
Can I use MobileMoney to pay for my utility bills like electricity and water charges
Not yet. This functionality will be made available in the future.
Can I use my MobileMoney account as collateral for borrowing money in a bank?
No, you may not use your MobileMoney account as a collateral.
What is MobileMoney debit card?
The MobileMoney debit card is similar to the regular ATM card; it is linked to your MobileMoney account and allows you to withdraw cash from any ATM displaying the Interswitch and QuickCash (ATMC) Acceptance Logos.
What transactions can I perform with my Mobile Money debit card?
You can check/print balances, check/print mini-statement and Cash withdrawal.
How secure is my MobileMoney debit card?
Your MobileMoney debit card is protected by a secret Personal Identification Number (PIN). Your debit card PIN is the same with your MobileMoney account PIN. This number must never be disclosed to anybody. If compromised, it must be changed immediately.
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 transactions with your MobileMoney debit card. You are required to remember your PIN at all times.
Can I change my PIN on an ATM machine?
No. You can only set or change your PIN from your MobileMoney phone.
How can I get a MobileMoney debit card?
Once you are registered as a MobileMoney customer you will automatically be issued a MobileMoney debit card.
I have damaged/lost my MobileMoney debit card, what do I do?
You immediately deactivate your card using your phone and also follow-up with a call to customer care help line (i.e. 180 for the card to be hot listed
Will I be charged for using my MobileMoney debit card on an ATM?
Yes, N100 flat fee per transaction on all ATMs.
How soon can I start using my MobileMoney debit card after I receive it
You start using your MobileMoney debit card immediately once you link it your account. You can switch the card on and off on the MobileMoney menu on your phone.
Can I use my MobileMoney debit card to make foreign currency payment?
No. Your MobileMoney debit card is a Naira denominated debit card, tied to your MobileMoney account with the bank. You can only make payments that are dominated in Naira.
Can I use my MobileMoney account outside of Nigeria?
Yes. The MobileMoney service originates from your SIM card and is sent encrypted to Nigeria. The service works as normal. However, you may be charged for the SMS traffic by the host network at International Roaming rates.
Can I transfer money from my bank account to my MobileMoney account?
Yes. If you have a GTBank account, you can link that account to your MobileMoney account and load money into your MobileMoney account using the mobile phone.
Can I transfer money out of my MobileMoney account to my bank account?
Not yet; however this feature will be available in future versions.
Is my money safe?
Yes. Your money is stored safely within GTBank in a special account opened for MobileMoney. You do not need to have any contact with GTBank.
Will I be charged for SMS traffic on MobileMoney account?
No. The SMSs generated by the MobileMoney application are FREE.
Will I be charged for checking my account balance?
Any time you send or receive money you will receive a balance notification for FREE. Subsequent balance enquiry – a charge of N5 per enquiry.
Will I be charged for Checking my statement on the internet
No you will not be charged, this service is FREE.