How does mobile money system work?

In practical terms, the customer must first deposit cash into his mobile wallet. Then, on the phone menu, the customer selects the option Send Money, and enters the recipient’s phone number, the amount he wishes to send and his 6-digit Security PIN.

Do you need a bank account for mobile money?

MTN Mobile Money (MoMo) is simple and safe to use, with no monthly fees to worry about. It’s available on any South African cellphone number. What’s more, you don’t even need a bank account.

How does mobile money pay?

Mobile money is a service that stores funds in a secure electronic account, linked to a mobile phone number. If the user wants to pay a bill or send money to another person, they simply select the relevant service from their phone’s mobile money menu. It’s really as simple as sending a text message.

How does mobile money work in Ghana?

In Ghana, the mobile money wallet is mainly used to transfer value from one person to another person (P2P), for payment of goods and services such as buying airtime, paying for utility bills, Gold and DSTV bills, salaries of some workers, taxi fares, micro-credit, savings and micro-insurance.

How do I set up mobile money?

Send mobile money in Ghana

1. Log on to MTN Mobile Money official website.
2. Click on “Register”.
3. Enter your username which is your phone number and preferred Mobile Money Pin.
4. Enter the captcha displayed.
5. Enter the one-time password.
6. Create your own password or keep the one generated for you.
7. Click on “Continue”.

Does world remit double your money?

How to receive money to your WorldRemit Wallet. If you’ve already activated your Wallet, you don’t need to do anything else! As soon as we’ve processed the money sent to you, we’ll add it to your Wallet in the correct currency. It’s as simple as that, and it’s also free of charge!

How can I do mobile transfer?

How Does It Work?

1. Register with a money transfer service by setting up an account and making a deposit.
2. Use the provided short text commands to text cash to your friend’s phone number or account ID.
3. Receive funds by requesting and accepting payments via text message.

What is mobile money example?

Simply put, electronic money or e-money is the electronic alternative to cash. Examples include pre-paid cards, electronic purses, such as M-PESA in Kenya, or web-based services, such as PayPal. As such, e-money can serve an umbrella term for a number of more specific electronic value products and services.

Can you use Ghana card to register mobile money?

Requirements for MTN Mobile Money Registration. To successfully complete the registration, you need to have the following documents. A valid national identification card. It can be a National Health Insurance Scheme ID, Voter’s ID, Driver’s License, Ghanaian Traveling Passport and Ghana Card.

Does Ghana use MTN mobile money?

People can transfer money or make payments wherever they are, in a simple, fast, convenient and affordable way. As a result, MTN, the biggest mobile money operator in Ghana, has introduced a new policy . It requires proof of identity (ID) before a customer can withdraw cash.

How can I open MTN Mobile money account?

Requirements

1. PACRA Certificate.
2. VAT/TPIN- ZRA.
3. Trading license- Council.
4. Copy of ID.
5. 2 Passport size photos.
6. Minimum capital amount of ZMW 5000.
7. 2 Copies of Mobile Money agency contracts.
8. 1 filled in KYC form (MTN)

What is MTN mobile money?

MTN Mobile Money is a secure electronic service that enables MTN Mobile Money wallet holders to store funds, send and receive money, make payments and do a number of other transactions simply using their mobile phone.

What is a mobile money transfer and how does it work?

A mobile money transfer is a fast, easy and secure transaction whereby a sender sends money from their bank, credit/debit card or own mobile money account to another mobile money account. For a transfer to take place – a recipient needs a mobile money account and the sender requires the recipient’s mobile money account number.

What can you do with mobile money?

Multi-faceted – there’s so much users can do with a mobile money account. They can receive, store, spend and send money all from the account on their mobile phone. Direct – users can receive money directly to their mobile phones without going through any middlemen. Fast – users can receive, send and spend money instantly.

What is a mobile money agent and how does it work?

Agents and merchants play important roles in facilitating MTN mobile money transactions. An agent is a shop owner registered to handle mobile money transfers. When customers visit a MoMo agent, they can send and receive money. When sending money, you will hand over cash to the agent and they will enter your phone number and that of the recipient.

Is the mobile money number the same as the phone number?

In some cases, the mobile money number will be the same as the phone number, but not always. Mobile money is often provided by the same companies that run the country’s mobile phone services and is available to both pre-pay and contract customers.