Cash-in – Depositing.
Cash-out – Withdrawer.
PIN – Personal Identification Number.
KYC – know Your Customer.
Subscriber – Customer.
Merchant- Businesses or Organization on mobile money platform.
ATM- Automated Teller Machine.
CBN- Central Bank of Nigeria.
NIBSS- Nigeria Interbank Settlement System.
MMO – Mobile Money Operator.
How do i fund my mobile wallet?
Mobile wallet can be funded at agent outlet or any designated banks.
Mobile wallet can also be funded via internet banking using NIBSS platform if available on your internet bank platform.
How can i initiate transaction on my mobile wallet?
To initiate or carry-out any transaction on your mobile wallet, you start by dial the USSD short code *….# and send,can also access your wallet via phone application or web (internet) follow the instruction and input your pin.Please note that you are the one to initiate the transaction personally and not an agent.
How do i withdraw or use the money in my mobile wallet?
The money in your mobile wallet can be use for payment of bills.
The money can be use for settlement of purchase at any merchant outlet that accept mobile money payment.
The money can be transfer to your personal bank account.
The money can be withdraw at any agent outlet of the MMO or designated banks.
The money can be withdraw on ATM with or without ATM card depending on MMO platform.
The money can be transfer to third-party bank account as settlement of debt or outstanding.
What is the different between mobile money and mobile banking?
Mobile money allow subscribers to make transaction via their mobile phone without having an account with any bank,
while mobile banking allow customers to access their bank account via their mobile phone.
Mobile money does not compulsion a subscriber having bank account before carry-out any transaction .
while mobile banking required a customer having an existing bank account to perform any transaction via mobile phone.
Mobile money transaction can be done on any mobile phone .
while mobile banking require internet enable phone for application download.
Mobile money allow subscribers sending money to none mobile money subscriber .
while mobile banking transaction can only be done with people that has bank account.