MoMo PSB has announced the launch of its new outbound and inbound remittance service, enabling customers in Nigeria to send money to 13 African countries seamlessly. The service covers destinations such as Benin Republic, Cameroon, Congo Brazzaville, Côte d’Ivoire, Democratic Republic of Congo, Gambia, Liberia, Malawi, Rwanda, Sierra Leone, Togo, Uganda, and Zambia. Additionally, users can receive funds from six countries, including South Africa, Rwanda, Uganda, Zambia, Democratic Republic of Congo, and Mauritius, through the MoMo app and USSD channels.
With this innovative service, MoMo users can instantly send and receive money, with transactions automatically converted to the recipient’s local currency. Senders will incur a modest 3% transaction fee, while recipients face no additional charges when receiving funds. To utilize the outbound remittance option, customers can log into their MoMo accounts and select the ‘Transfer to Africa’ feature, or simply dial 6711*3# from their MoMo number, entering the recipient’s phone number along with the country code.
For customers who anticipate higher transaction volumes, upgrading to a Tier 2 account is easy through the self-service feature in the MoMo app or by dialing 6718*2# to link their BVN. For Tier 3 upgrades, customers can reach the toll-free helpdesk at 671 for assistance, allowing them to increase their daily transfer limits.
In addition to the remittance service, MoMo PSB has introduced a Gift Card feature that enables users to purchase e-vouchers directly from their accounts for various international transactions, including online shopping and service payments. This new offering takes advantage of MoMo’s extensive digital infrastructure, streamlining the payment process and alleviating the complexities often associated with traditional international payments.
Phrase Lubega, Acting Chief Executive Officer of MoMo PSB, highlighted the significance of these developments, stating, “This marks a significant milestone in promoting economic empowerment, reducing trading barriers, and bridging the financial gap across African nations. We are thrilled to provide our customers with the ability to conduct transactions across 13 African countries quickly and to use our Gift Card service for international payments.”
He reiterated MoMo’s commitment to delivering fast, user-friendly financial services while removing barriers to enhance customer satisfaction. “I am confident that these new services will greatly improve the customer experience and reflect our commitment to advancing financial inclusion,” he added.
With these new features, MoMo PSB aims to redefine financial inclusion and facilitate smooth cross-border transactions across Africa, allowing users to support loved ones, engage in trade, and contribute to economic growth. The Gift Card service is accessible to all customers via the MoMo USSD *671# channel, and additional details can be found on the official MoMo website at www.momo.ng/.
Since its launch in May 2022, MoMo PSB, a fintech subsidiary of MTN, has focused on providing accessible, easy-to-use, and affordable financial services to both new and existing customers.
