MTN MoMo, Agency Banking for Mobile Money (MOMO) is a company of telecom giant MTN. Y’ello Digital Financial Services (YDFS) is in charge of it. In accordance with the CBN Super-Agent framework and agent banking regulations, it is a provider of financial services that works in the super-agent and agency banking sectors.
Additionally, it offers a network of agents to assist Nigerian mobile money companies and financial institutions. Withdrawals from MoMo POS cost 50 Naira over 1000 to 5000, 100 Naira over 6000 to 20,000, and 300 Naira over 20,000 to 500,000.
About Mobile Money (MTN) POS Machines and Charges
The MoMo POS provides services including bill payment, data and airtime purchases, and money withdrawal and deposit. Customers utilising MoMo services can have cardless transactions performed for them by registered agents. Even without a bank account or BVN, you may transfer money via MoMo.
If you use a MoMo POS device, you can position yourself as a neighbourhood mini-bank and earn a substantial profit from commissions on people’s financial transactions. Without further ado, we will now walk you through the steps involved in purchasing a MoMo POS machine and the accompanying costs.
Below is a full breakdown of MoMo charges that will be deducted per transaction.
Note: MoMo charges ₦100 for transactions involving bill payments from ₦1 to ₦500,000. This means that MoMo will charge you ₦100 for every bill payment you make as a MoMo POS Agent.
Read Also: How To Become A MoMo Agent (All the MoMo Codes)
MTN MoMo POS Withdrawal Charges
| Transaction | Amount | Charges | Remark |
| Withdrawal | N1000- N 5000 | N 50 | Capped |
| N 6000- N 20000 | N 100 | Capped | |
| > N20,000- N 500,000 | N300 | Capped |
MTN MoMo POS Deposit Charges
| Transaction | Amount | Charges | Remark |
| Deposit | N1000- N 5000 | N 50 | Capped |
| N 6000- N 20000 | N 100 | Capped | |
| > N20,000- N 500,000 | N300 | Capped |
Quick Comparison Table: Top POS Machine Charges
| Withdrawal | Transfer | Deposit | |
| Opay | <N20,000 (0.5%) | <N10,000 (N30) | <N5,000 (N10) |
| >20,000 (N100 flat rate) | N5,000–N10,000 (N20 Capped) | ||
| Moniepoint | 1–20,000 (0.5%) | All transfers (N20) | All deposits is N20 |
| >20,000 (N100 flat rate) | |||
| Palmpay | 0.5% on all withdrawals | N10 charged for all deposits | |
| Payforce | ₦1 – ₦5,000 (₦30) | ||
| ₦5,001 – ₦16,500 (0.6%) | All deposits capped at N25 | ||
| ₦16,501 – ₦100,000 (N110) | |||
| >₦100,001 (0.11%) |
Conclusion
MTN MoMo is an MTN Group service and part of the MTN mobile money service. With the thought of how to ease the burden and stress of cash transactions, MTN came up with a way to help its customers send and receive money from one place to another via the mobile money platform.
The MoMo platform reduces cash dependency and facilitates access to money, especially in rural areas where money transfer services are lacking. Also, there is a commission for every transaction made.
FAQs on MTN MoMo POS Machine and Charges
How to Get MTN MoMo POS Machine?
MTN MoMo agent registration: Below are the steps to becoming a MoMo agent in Nigeria:
Step 1: The first step to getting approval to become a MoMo agent in Nigeria is to meet all the requirements stated above.
Step 2: Visit any of the nearest MTN outlets to pick up a form, fill it out, and submit your details.
Note that you’ll need to go along with a Valid ID card (a national ID, Driver’s licence, International passport, or Voter’s card) and one passport photo.
Present a snapshot of your existing shop or kiosk as evidence so as to fast-track your application.
Step 3: Download the application form from the MTN website and proceed to step 4.
Step 4: At this stage, one of the MTN field personnel will contact you for a planned visit to ascertain your suitability.
What are the charges for MoMo POS?
MoMo POS costs 50 Naira for withdrawals between 1000 and 5000, 100 Naira for 6000 to 20,000, and 300 Naira for amounts exceeding 20,000 to 500,000.
Deposit fees range from 50 to 100 Naira for amounts between 1000 and 5000, 6000 and 20,000 Naira, and 300 Naira for amounts between 20,000 and 500,000 Naira.
What is the commission for MTN MoMo Deposits for Agents?
To pay the agent commission, MoMo deducts a modest sum of money from the consumer. The MoMo commission that is paid to agents for deposit transactions is as follows:
- N1000-5000 agent commission is 25 naira.
- The Agent commission for a range of 6,000 naira to 20,000 naira is N50.
- The agent commission is N150 for any sum between N20,000 and N500,000.
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