Is mobile money working in Nigeria?

One fact has always been clear, Nigeria does not operate a telco-led mobile money model. Unlike other African countries like Ghana and Kenya, the government employs the bank-led and non-bank-led models. Essentially, only banks or licenced corporate organisations can be Mobile Money Operators (MMOs).

What is the difference between mobile money and mobile banking?

A bank account is not required to use mobile money services—the only pre-requisite is a basic mobile phone. On the other hand, mobile banking is the use of an application on a mobile device to access and execute banking services, such as check deposits, balance inquiry, and payment transfers.

Do we have MTN mobile money in Nigeria?

MTN and Airtel get “approval in principle” to launch mobile money services in Nigeria. Telecom giants MTN and Airtel, on Friday said they have received approval in principle from the Central Bank of Nigeria (CBN) to operate payment service banks (PSBs) in the country.

What is mobile money in Nigeria?

Mobile money is a technology that allows people to receive, store and spend money using a mobile phone. It’s sometimes referred to as a ‘mobile wallet’ or by the name of a specific service such as mPesa, EcoCash, GCash, Tigo Pesa and many more.

Do you need a bank account for mobile money?

MTN Mobile Money (MoMo) is simple and safe to use, with no monthly fees to worry about. It’s available on any South African cellphone number. What’s more, you don’t even need a bank account.

Which mobile bank is best?

The best mobile banking apps of January 2022

What is Airtel mobile money?

Airtel Money is a Mobile Commerce service from Airtel in partnership with Central Bank of Nigeria licenced operator that allows customers use their mobile number as an electronic wallet. This electronic wallet can be funded and used to make payments for goods and services.