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Following my thread yesterday on the @MTNNG Mobile Money (#MoMo) scheme, I am pleased to have been invited to the official launch of the scheme tomorrow at the @HiltonAbuja. The invitation provided me with the opportunity to ask questions about the scheme. Thread... 
The #MoMo scheme allows Cash to Cash transfers between customers. The eventual plan is to minimise the use of cash as more and more people use the service to pay for things. You don’t need to register to use the service. All you need is a mobile phone.
You just send a text for free and you’ll get a response giving you the list the list of agents near you. You give the agent cash and he sends the money to the person you want and gives you a code to give the person. The receiver goes to an agent near them and collects the cash.
You don’t need a smartphone. The sender will pay N100 though. N50 will go to the sending agent and the paying agent will also get N50. The minimum amount you can transfer to someone is N100 and the maximum is either N50,000 or N100,000 depending on the agent.
The recipient must claim the money within 30 days or the voucher will expire. I am not sure what happens when the voucher expires. Will the sender get their money back? What about the N100 service pay the sender must have paid? At the moment, you can only use the @MTNNG network.
A number of people have asked how they can become an agent. I don’t know the answer. I checked on their website but couldn’t find any information. Dear @MTNNG, please help. A number of people are interested. I hope that the requirements will not be too onerous or expensive.
While it is good that both sending and receiving agents get N50 each, the N100 to be paid by the sender is higher than the N52.50 it costs to send money through mobile banking. I hope that @MTNNG will look into this.
In rural areas, there are’ATM shops’ that can give you money if you use a POS, like this one in my village👇🏽. I don’t remember what it costs to withdraw like N50,000. Does anybody know? End.
