FAQs
Following the final approval for a Payment Service Bank (PSB) license granted by the Central Bank of Nigeria (CBN), MTN Nigeria's fintech subsidiary, MoMo Payment Service Bank (PSB), formally launched a range of financial services for Nigerians in May 17, 2022.
How do I withdraw money from MTN MoMo to my bank account? ›
Use the MoMo app or dial *120*151# to transfer money from your MoMo account to a local bank account. A standard fee of 2% applies to each transaction. There are no monthly service fees, and you only pay for certain transactions.
What is MoMo money? ›
The mobile money service provides users with a secure and straightforward way to handle their financial transactions, eliminating the need for traditional banking methods. MTN MoMo users enjoy the flexibility of conducting transactions anytime, anywhere, contributing to a seamless and efficient mobile money experience.
What is the transaction limit for MoMo PSB? ›
What are the transaction limits on the Momo PSB wallet? There are 3 tires of transaction limits: Tier 1-Maximum single deposit of N50,000 and maximum cumulative of N300,000. Tier2-Maximum single deposit of N200,000 and maximum cumulative balance of 500,000.
How much can a MoMo account hold in Nigeria? ›
Tier 2 — Maximum single transaction limit of N200,000 and maximum cumulative balance of N500,000. Sending funds to family and friends with a MoMo wallet is through dialling *671*1*1*Phone Number#, then entering the amount and pin.
Can I transfer money from MoMo to my bank account? ›
Yes, MTN MoMo service allows you to link your MoMo account with your bank account and perform transactions at your convenience.
How do I open a MoMo PSB account? ›
To open a MoMo wallet, dial *671# using any mobile number, choose a four-digit pin and voila, you have successfully opened a MoMo PSB wallet and your phone number is now your account number. You'll be given a free N100 which you can instantly use to recharge or buy data directly from your momo wallet.
How much can you withdraw from MoMo? ›
The minimum account, previously capped at GH¢2,000, will now have a limit of GH¢3,000, while medium accounts, previously set at GH¢10,000, will see their limits increased to GH¢15,000. Similarly, the threshold for enhanced accounts, previously at GH¢15,000, has been elevated to GH¢25,000 per day.
What is the code for MoMo PSB? ›
1. Dial *671# on your phone. 2. Use it to find a MoMoPSB nearby.
How to transfer mtn mobile money to bank account? ›
Dial *165# • Select FINANCIAL SERVICES. Select Transfer Money to Bank Account. Select option 1.
Currently, Mo-Mo-Paradise can be found in Japan, Taiwan, China, Thailand, Vietnam, USA, Cambodia, Malaysia, and Indonesia.
Which bank is Momo using? ›
About MoMo Payment Service Bank
MoMo Payment Service Bank (MoMo PSB) is the Fintech subsidiary of MTN Nigeria.
How much money is Momo? ›
The current value of 1 MOMO is $0.00 USD.
What is MoMo wallet in 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. It's fast, simple, convenient and affordable.
What is MTN MoMo pay all about? ›
With MoMoPay, your customers store money on their mobile wallet and use it to pay for goods or services purchased on your website. Available on Gateway only.
What is MoMo in full MTN? ›
“MOBILE MONEY System” or “MOBILE MONEY” means the proprietary cellular phone money transfer service which is marketed, managed, and operated exclusively by MTN in the United Republic of Uganda.
What is the use of SmartCash PSB? ›
SmartCash Payment Service Bank brings banking and financial solutions to your fingertips with real ease and lots of fun. Whether you are in the remotest community in the North or the furthest town in the West, it doesn't really matter as you can now transfer funds, receive funds and pay bills through your phone line.