Home / Uncategorized / MTN mobile money| How does it work?

MTN mobile money| How does it work?

MTN mobile money is a cheap banking and money transfer service offered by MTN Cameroon to its clients.

The MTN mobile money service makes it possible for the MTN clients to turn their MTN Sim cards in to their wallet and also gives them the priviledge to easily receive and transfer money through their mobile money account (their e-wallet).

After subscribing to the MTN Cameroon mobile money service, your MTN sim card automatically becomes your bank account while your MTN phone number automatically becomes your account number and you becomes the bank manager.

How much does it cost to create an MTN mobile money account??

Like i mentioned earlier, MTN mobile money is a FREE mobile banking service. In other words it wont cost you anything to open an MTN mobile money bank account.

So you don,t need to spend more than 10,000frs just to open a normal savings account with UBA, Bisec, Ecobank and other banks , just to save your hard earned money. With just 300frs you can create an MTN mobile money account and start saving your money.

Somebody may likely want to ask; if the service is free, why do i need 300frs in order to create an MTN mobile money account.

Because its not good to open an empty MTN mobile money account with no money in it, most MTN mobile money agents will often ask you to deposit atleast 300frs in your Mobile money account after creating your Mobile money account.

So the service is free because the 300frs you will spend in opening your mobile money account will be saved in your mobile money account as your first deposit. You can spend or Withdraw it later if you want to.

One big advantage of having a mobile money account is the fact that your money will be closer to you i.e. you can always check the account balance of your MTN mobile money account anytime you want and easily deposit, transfer and withdraw money from your mobile money account anytime.

Nowadays there are lots of MTN Mobile Money agents in the street that makes it possible for you to easily withdraw and deposit funds in to your Mobile Money account.So you don,t need to stand in a long line to deposit or withdraw money from your Mobile money account. Just as you usually go to an MTN call box operator to transfer airtime credit to your phone, to deposit or withdraw money from your MTN mobile money account, you just need to go to one of the MTN mobile money agents in the street. here are over 800 MTN mobile money pionts located around Cameroon.

Advantages of the MTN mobile money banking service over conventional banking service.

  • After opening a mobile money account, you will be able to pay your Eneo (electricity) bills with the funds in your Mobile money bank account. So after opening a mobile money account, you no longer need to go to Eneo office and stand in a long line for hours just to pay your Eneo bills. You can pay your Eneo bills while lying on your bed or couch and you will be charged only a small fee. The cost of paying your Eneo bills through MTN mobile money varries depending on the amount you wish to pay. Check out the costs of paying your Eneo bills through MTN money.
  • You can buy airtime credit with the funds in your mobile money account. So when ever you need airtime credit, you don,t need to go to a call box to transfer credit. You can buy airtime credit with the fund in your mobile money account anytime you want, even at 12 AM (midnight).
  • You will also be able to shop online with the funds in your mobile money account. Most ecommerce websites or online stores like jumia.cm now offer mobile money transfer as a payment option. So you can now buy a very beautiful Android smartphone from the Jumia Cameroon online store (jumia.cm) with the funds in your mobile money account.
  • You can deposit and withdraw even 1000frs from your mobile money account. Some banks won,t allow you to save less than 5000frs in to your account. Thats why i said MTN mobile money is the cheapest banking service (very suitable for the poor people like you and i).
  •  By banking with MTN (through their mobile money banking service), your money will be 10 times safer than with the micro finance banks (AKA the Njangi banks). There are many stories about many micro finance banks in Cameroon that have disappeared with people,s hard earned money.
  • The MTN mobile money service also makes it possible for you to transfer funds to other MTN mobile money subscribers and you can do that with your phone (which is just like your bank account). Just as you normally transfer/send airtime credit to another phone number, that,s the same way that you are going to transfer funds to another MTN mobile money account. So do you have a daughter, son, gf or bf in UB that you always send money to and you are tired of going to express union everytime you wish to send him or her money. You can simply open a mobile money account and ask the recipient to also open a mobile money account and transfer funds to him or her just like you usually transfer airtime credit to him or her.
  • You can easily check your mobile money account balance. All you need to do is to dial the MTN mobile money account check code *126#.
  • Your mobile money account will be very secure. Every MTN mobile money account holder has a 5 digit security pin number that protects the funds in his account from theft. Nobody will be able to transfer the funds in your MTN mobile money account without entering your security pin code.
  • Above all, the greatest advantage of having a mobile money account, is the fact that  your bank account will be in your own palms. Like i told you before, the MTN mobile money service makes it possible for you to turn your MTN simcard in to your own bank account and your phone number becomes your account number and you becomes the bank manager. So having an MTN mobile money account is the easiest way to become a bank manager. Don,t you wanna become a bank manager of your own bank???.

 

Check Also

How to Buy Data on MTN Cameroon

To be able to browse the internet with MTN Cameroon, you just need to buy ...