Mobile Money: How to receive and withdraw money

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Posted by on Tuesday June 19, 2012 8:43:59:

Mobile money is live in Nigeria and all the banks I know have subscribed to it. As long as you have a mobile phone connected to a network, you can send and receive money online in Nigeria.

There has been a lot of hullabaloo about mobile payments and mobile money but when someone finally receives the money, how does he actually get to see the cash? Well you can withdraw cash from an ATM or your bank account if you've also linked it up to the service.

Conditions
For someone to send money, he/she needs to at least:
- Have a registered sim
- Have a mobile phone
- Have a bank account

For a beneficiary to receive money, he/she needs to at least:
- Have a registered sim
- Have a mobile phone

How it works
It mostly works with mobile phones connected to a participating network which has a working agreement or MOU with a Nigerian bank and in this case, the mobile phone seems to have something like a card embedded on it such that you can issue USSD requests to move money

Mobile phone request-->Bank approval-->Beneficiary gets notice

How a receiver actually gets to withdraw money
So assuming you've been sent money by someone and you get the notice by sms on your mobile phone, you will use the PIN you received and add it with the additional PIN the sender would give you and go to an ATM to make a cashless withdrawal.

Can one really withdraw money from an ATM without a card?
Well, yes! This is a kind of cashless ATM withdrawal
Just go to the ATM anc click on enter to activate cardless withdrawal
- Enter the two PINS when required
- Also enter your phone number and amount
- You will be paid in Cash

Mobile money payment or withdrawal process may differ a bit from bank to bank, just follow the sms instructions and you will be able to make a withdrawal. In this case, your phone acts as a virtual card.




Comments:
Re: Mobile Money: How to receive and withdraw money Reply by Space on Wednesday July 11, 2012 at 24:31:32:

Dats wonderful






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