Through its app and USSD channels, MoMo PSB has announced the launch of its outbound and inbound remittance service, which allows its customers in Nigeria to send and receive money easily from 13 African countries, including Benin Republic, Cameroon, Congo Brazzaville, Côte d’Ivoire, Gambia, Liberia, Malawi, Rwanda, Sierra Leone, Togo, Uganda, and Zambia, as well as six African countries: South Africa, Rwanda, Uganda, Zambia, Democratic Republic of Congo, and Mauritius.
MoMo users can utilise this service to send and receive money instantaneously, and the transaction value will be automatically converted to the local currency of the recipient. Because the sender just pays a small transaction fee of 3% and is informed of the exchange rate, it’s a cost-effective choice for cross-border financial solutions, and the recipient gets the money for free.
Guide to use the New Service
Customers can use the outbound remittance service by tapping on the “Transfer to Africa” icon after logging onto their MoMo account.
By using their MoMo number, they can also call *671*1*3# and enter the recipient’s phone number, including the country code.
By using the MoMo app’s self-service feature or by entering *671*8*2# to link their BVN to their account, customers who are interested in high-volume transactions can easily upgrade their account to Tier 2. For a Tier 3 account upgrade, they must contact our toll-free helpdesk number 671 for assistance, which will increase their daily transfer limits and provide them with an all-inclusive payment experience.
In a similar move to satisfy the increasing need for effective cross-border financial solutions, the fintech also introduced a cutting-edge Gift Card service that enables customers to buy e-vouchers straight from their MoMo accounts and use them for several international transactions, such as online shopping and service payments. By utilising MoMo’s strong digital infrastructure, consumers may now take advantage of a smooth payment experience, removing the difficulties frequently connected to traditional foreign payment processing methods.
Acting Chief Executive Officer Phrase Lubega of MoMo PSB discussed the recent development: “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,” he added.
BrandSpur telecom and IT news report that with the launch of these additional functionalities, MoMo PSB, MTN’s fintech subsidiary, which was granted a license in May 2022, has kept the goal of offering both new and current clients simple, accessible, reasonably priced financial services and keeps raising the bar for financial inclusion and facilitating smooth cross-border transactions throughout Africa.
All clients can now access the Gift Card service using the MoMo USSD *671# channel. To find out more, they are advised to visit the official MoMo website at www.momo.ng/
