Overview
MTN Mobile Money (MoMo) is Nigeria’s leading mobile financial services platform operated by MTN Nigeria Communications Plc. The platform provides users with full control and safe, fast, and convenient access to their finances, everywhere in Nigeria.
MTN Mobile Money allows eligible users to send local and international payments, get loans, buy insurance, and access a wide range of other financial services. The service is accessible to anyone with an MTN phone number and can be used via the mobile app or USSD code *671#.
The platform serves both banked and unbanked Nigerians, making financial services accessible to millions across the country. MoMo users have unlimited FREE access to the App (no data charges required while using the App), making it particularly attractive for users in areas with expensive internet connectivity.
Key Features
Money Transfer
Send and receive money instantly to MTN and other network users
Bill Payments
Pay electricity, cable TV, and utility bills directly
Airtime & Data
Purchase airtime and data bundles for self and others
Account Management
Real-time balance checks and transaction history
Agent Services
Cash deposits and withdrawals through a nationwide agent network
International Remittance
Receive money from international partners
Pros & Cons
Advantages
- Zero Data Charges: Free app usage without internet costs
- Wide Agent Network: Extensive cash-out points nationwide
- Multi-Service Platform: All financial services in one app
- USSD Accessibility: Works on basic phones via *671#
- International Transfers: Supports cross-border payments
Limitations
- Network Dependency: Requires MTN network coverage
- Transaction Limits: Daily and monthly transaction caps
- App Stability: Occasional connection and login issues
- Limited Bank Integration: Fewer banking partnerships compared to competitors
Security Features
Authentication & Access Control: PIN-based transaction authorization
Data Protection: End-to-end encryption for all transactions
Transaction Security: Real-time transaction monitoring
Regulatory Compliance: Licensed by the Central Bank of Nigeria (CBN)
Account Recovery: Secure account recovery process through customer service
Pricing & Fees
| Service | Fee | Details |
|---|---|---|
| Money Transfer (MTN to MTN) | 0.5% | Minimum ₦10, Maximum ₦100 |
| Money Transfer (MTN to Other Networks) | 1.5% | Minimum ₦20, Maximum ₦200 |
| Cash Withdrawal (₦1,000 - ₦5,000) | ₦50 | Fixed fee through POS agents |
| Cash Withdrawal (₦6,000 - ₦20,000) | ₦100 | Fixed fee through POS agents |
| Cash Deposit | ₦0 - ₦100 | Varies by amount and agent |
Getting Started
Detailed Ratings
Final Verdict
MTN Mobile Money stands as Nigeria’s most accessible mobile payment platform, excelling in network reach and service diversity. While occasional app stability issues exist, its zero-data-charge model and extensive agent network make it invaluable for financial inclusion across Nigeria.