MoMo PSB Launches Outbound Remittance Service Across Africa
MoMo PSB has announced the launch of its outbound and inbound remittance service which enables customers in Nigeria to send money seamlessly to 13 African countries, including Benin Republic, Cameroon, Congo Brazzaville, Côte d’Ivoire, Democratic Republic of Congo, Gambia, Liberia, Malawi, Rwanda, Sierra Leone, Togo, Uganda and Zambia, and receive money seamlessly from six African countries such as South Africa, Rwanda, Uganda, Zambia, Democratic Republic of Congo and Mauritius; via it’s app and USSD channels.
With this service, MoMo users can instantly send and receive funds, with the transaction value automatically converted to the recipient’s local currency. The sender incurs a minimal 3% transaction charge and is being notified of the conversion rate, making it an affordable option for cross-border financial solutions while the receiver receives funds at no additional cost. To use the outbound remittance service, customers can login to their MoMo account and tap on the ‘Transfer to Africa’ icon. Alternatively, they can dial *671*1*3# with their MoMo number, enter the recipient’s phone number including the country code. For customers interested in high volume transactions, they can conveniently upgrade their account to Tier 2 by using the self-service feature on the MoMo app or by dialing *671*8*2# to link their BVN to their account, and for a Tier 3 account upgrade, they are to call our toll-free helpdesk number 671 for support, thereby increasing their daily transfer limits and enjoying an all-inclusive payment experience.
In a similar stride towards meeting the growing demand for efficient cross-border financial solutions, the fintech also launched an innovative Gift Card service which allows users to purchase e-vouchers directly from their MoMo accounts, using it for several international transactions, including online shopping and service payments. By leveraging MoMo’s robust digital infrastructure, users can now enjoy a seamless payment process, eliminating the complexities often associated with the conventional methods of processing international payments.
Speaking on the new development, the Acting Chief Executive Officer, MoMo PSB, Phrase Lubega, said “This is a significant milestone towards advancing economic empowerment, reducing trading barriers and bridging the financial gap in African nations. It’s an exciting time for us at MoMo PSB as our customers can easily, and quite swiftly, make transactions across 13 African countries, and use our Gift Card service for international payments.”
Reaffirming MoMo’s mission, he added, “While this is a huge step, we remain committed to delivering quick, easy, user-friendly financial services, breaking more barriers to ensure our customers can enjoy the ease of transacting and doing business across more countries. I am confident that these new services will significantly enhance the customer experience and demonstrate our commitment to continually pushing the boundaries of financial inclusion.”
With the introduction of these new features, MoMo PSB continues to set new standards in financial inclusion and enabling seamless cross-border transactions across Africa allowing users to support loved ones, facilitate trade, and drive economic growth across the continent. The Gift Card service is now accessible to all customers via the MoMo USSD *671# channel, and they are encouraged to visit the official MoMo website – www.momo.ng/, to learn more.
Licensed in May 2022, MoMo PSB, the fintech subsidiary of MTN, aims to provide easy-to-use, accessible and affordable financial services to new and existing customers.
