Oct 20, 2016

Uses of Mobile Money + Platforms Accepting Mobile Money Payments

More than six years in operation in Nigeria, the mobile money transfer has not occupied its rightful place in the money market. This is due to the fact that most people do not know the uses of this form of money transfer. Part of the misconceptions was that it’s meant for only the wealthy. Others thought of it as a form of banking service. Fear of fraud is the beginning of lack of understanding for some others. In this article you will read not only about the uses of the mobile money transfer, but also about the procedures to use it for the purpose. You will also be intimated of the platforms that accept payment via mobile money.
Mobile money can be used for the following purposes:
mobile money transfers

To Pay Bills
Most of the bills people go to the bank to queue up to pay (e.g. like cable TV bills, electricity bills, tax and rates and so on) can be quickly settled using mobile money transfer. Once the mobile app of the MMO is installed on your phone, you will be able to transfer money to settle monthly bills to providers of such services from wherever you are. These service providers have options of payment via mobile money transfer. Since you are a partner in progress, it should not be too much for you to take some time to activate the service on their platforms.      
However, you will have to fund your e-wallet to be able to pay bills and make purchases on mobile transfer platforms. These are the steps to take to proceed with that.

Fund Wallet

  • Log in to the site of your MMO and follow the prompt.
  • Depending on the design of the site, among other options you could see an option like “Fund Wallet.”
  • Select the option and fill in the required data.
  • Fill in the required information including your wallet number, your PIN and click Next.
  • State the amount you desire to keep in your wallet and select “Next."
  • You will be asked to supply your card number and other details.
  • The next option you will select is “Pay.”
  • You will be notified by means of an sms that will confirm that your logged in amount has been deposited to your e-wallet. That sms should normally also notify you of any service charge or any other named fee and the amount.
  • You will pay the amount with which you fund your m-wallet at either a partner bank or the MMO’s agent.

money from bank

Withdraw money
Funds can be withdrawn via mobile money transfer. You can do this by withdrawing from the ATM with a card or make it a cardless transaction. The transaction would first be carried out on your mobile phone, through the mobile app or USSD. If you want to withdraw from your e-wallet, this is the procedure.

  • First log in via your phone and complete a process similar to that of funding your wallet, a unique transaction code will be sent to your phone in form of sms confirmation.
  • Go to the ATM at the nearest partnering bank which could be First Bank, Zenith Bank or GT Bank among others.
  • Select “Cardless Transaction”.
  • If your MMO partners with the bank, select its name and follow the prompt.
  • Among other things, you will be required to enter the transaction code already sent to you via sms.
  • Then supply your PIN and click next.
  • Punch in the amount.
  • If all the information is correct, you will be required to take your cash as dispensed.
  • A debit alert will be sent to your number indicating the amount withdrawn from your e-wallet and the balance.
  • Check if the transaction alert sent to your phone tallies with your calculation.

You can also withdraw cash from the agent of your MMO.
Through your mobile phone or through the mobile app or USSD, supply all the information applicable to withdrawing from your wallet as indicated above. The only difference is that it would be through an agent. So the option to select would be something like “Withdraw Money at Agent.”

  • A unique transaction code will be sent to your phone in form of sms confirmation.
  • Go and tender the code at the nearest agent of MMO’s outlet.
  • He would confirm all the data you submit to him through his mobile app or through his mobile phone.
  • If all the information is correct, the agent will give you the cash and your m-wallet will be debited with the amount withdrawn.
  • You will notified by means of a debit alert. Please confirm to be sure there is nothing like over-or undercharging

Receive funds from abroad
Mobile money transfer is also used to receive funds from abroad. If you want to do so, you will have to do the following:

  • Send your FULL NAME with which you subscribe to the service from your MMO and your registered phone number to the payer.
  • You will tell the sender to locate an agent of your MMO or a bank that partners the MMO in that country. (Some MMOs do not have partnering banks or agents in some country so be sure that your MMO’s service is there)
  • Inform him to ask m-Wallet transfer to Nigeria.
  • Both of you will be informed of the status of the transaction by means of an sms and even a secured email.
  • Then follow the process of withdrawing your cash; transferring it to your bank account or to another mobile money account or yet by cash through a bank or an agent.
send money with mobile money

Send funds
It is also used to send money to a bank account or to another user. This is how you will go about it via your mobile app or any phone:

  • Open the mobile app or call up mobile transfer on your phone, type the key and your user code given your MMO.
  • From the pop up menu, select “To Bank Account”.
  • This can be achieved alternatively by selecting “Send Money” on USSD prompts and choose “To Bank Account”.
  • Select the bank of the payee from the menu. Enter his account number and the amount.
  • The name of the payee will be displayed and you will be asked to confirm that you really want to send the money to him.
  • Your PIN will be requested and you will enter it.
  • Option “send” will then be highlighted and you will select it.
  • If the transfer is successful, you will receive an SMS confirmation.

If you are sending it to another user, in the pop up menu, you will not select “To a Bank Account,” rather select “To e-wallet” or “To m-wallet” as the case may be. Follow the prompt and supply all the data the payee supplied about his mobile money transfer service.

If many explore these options, there could be some variations. Yet they will be glad to know that mobile money transfer is quite versatile and usable for almost everyone.

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