MTN Mobile Money (MoMo) app is stepping up its array of practical, cost-effective solutions through partnership with Nedbank.
MTN’s MoMo customers can now Cash-out or withdraw via all Nedbank ATMs or any of the participating retail stores, across the country, at competitive rates.
The fees range from R10 for transactions of up to R1 000, R20 for transactions between R2000 and R3000 and R30 for transactions between R2 000 and R3 000.
MoMo Cash-out via Nedbank ATM or any of the participating retail stores, such as Pick n Pay, Shoprite, Checkers, OK foods and USave builds on the broad rollout of mobile money solutions by MTN over the past year, all aimed at driving greater financial inclusion for all South Africans.
“Achieving cost savings, driving efficiency and bringing the digital world closer to the needs of customers is at the heart of this solution,” says Felix Kamenga, Chief Officer for Mobile Financial Services from MTN SA.
The Cash-out functionality adds to the existing MoMo suite of saving, sending, and receiving money, paying bills, and buying prepaid services, among others.
Kamenga explains that MoMo customers who want to Cash-out from their MoMo wallet using a Nedbank ATM can simply log on to MoMo via the App or USSD, select “Cash-out” and then “Cash-out at a Nedbank ATM or any of the participating stores” and enter the amount to withdraw between R50 and R3 000.
“After confirming the transaction, the voucher number will be displayed on the App/USSD and in 15-20 minutes, customers will receive an SMS with a voucher number and a one-time PIN. Once the SMS is received, they can go to any Nedbank ATM or any of the participating retail store and at a Nedbank ATM would select the Nedbank Cardless withdrawal option and follow the instructions,” says Kamenga.
“At a participating retail store the client needs to inform the staff member at the till point that they would like to make a Nedbank cardless withdrawal. The Cash-out vouchers are valid for 30 days.”
The service is only available between 7am in the morning till 6pm in the evening. This means MoMo customers will not be able to request a Cash-out via Nedbank ATM outside of these times.
“Cash-out vouchers are not transferable and if the voucher is not used within 30 days, the funds less the fees are returned to the customer’s MoMo wallet,” he adds.
Meanwhile, for existing Nedbank Avo or Nedbank MobiMoney account holders, the funds will be deposited into their Avo or MobiMoney wallets and they can then Cash-out from that wallet.
Being on SA’s best network ensures the service is underpinned by MTN’s enhanced access, speed and stability. An unrelenting focus on investment and quality has led to MTN again being voted SA’s best network.
MTN is therefore harnessing the power of technology to play a critical role, enabling informal economies to access money through mobile devices, while providing affordable and enhanced access to a stable, reliable and advanced network. Our MoMo solution is fast-tracking change and convenience for many more people on a daily basis
“We aim to continue bringing exceptional and innovative solutions to assist customers so they can enjoy the benefits of the modern digital world,” SAYS kAMENGA.
“We remain committed to driving digital and financial inclusion, with the launch of MoMo Cash-out via Nedbank ATM another important step to opening the door to new opportunities for more people.”