Home Finance Nedbank now accepts MTN Mobile Money cash withdrawals

Nedbank now accepts MTN Mobile Money cash withdrawals

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Customers of MTN’s Mobile Money (MoMo) service may now withdraw cash from Nedbank ATMs in South Africa.

The Mobile Money transaction fees start at R10 for transactions under R1,000, R20 for those between R1,000 and R2000, and R30 for those between R2,000 and R3,000.

This service is only accessible from 7:00 a.m. to 18:00 p.m. Outside of these hours, MoMo clients will not be able to request a cash withdrawal from a Nedbank ATM.

What is MTN Mobile Money?

MTN Mobile Money is a service offered by MTN that allows customers to receive and transfer money from their mobile phone at any time of day or night.

It’s simple to use, with no lines to wait in and no forms to fill out.

Participating retail establishments such as Pick n Pay, Shoprite, Checkers, OK foods, and USave also provide cash-outs.

The Cash-out feature, according to MTN, complements the existing MoMo suite of features, which include storing, transferring, and receiving money, paying bills, and purchasing prepaid services, among others.

MTN MobiMoney Cash-out vouchers remain non-transferable, and if they are not used within 30 days, the monies are reimbursed to the customer’s MoMo wallet, less the costs.

What is Nedbank Mobile Money?

Nedbank MobiMoney is a mobile number-linked account that can be opened in seconds by anyone with a valid SA ID number. It’s simple to use, with no lines to wait in and no forms to fill out.

Ones mobile number becomes your account number, allowing you to bank whenever and wherever you choose. More significantly, because your account has a PIN, your money will remain secure.

To create a MobiMoney account, just dial *120*002# from your phone and give your name, social security number, source of income, and employment.

The amounts being paid out will be transferred into current Nedbank Avo or Nedbank MobiMoney account holders’ Avo or MobiMoney wallets, which they may subsequently withdraw from.

Some of the great features of Nedbank MobiMoney include:

  1. Money can be sent and received using this account.
  2. Ability to purchase prepaid airtime, power, data, and Lotto, PowerBall Quick Pick, and Hollywoodbets vouchers are also available for purchase.
  3. Make free deposits of up to R4 000 are available.
  4. DStv, Truworths, Telkom SA, your SABC TV license, Mr Price, and Mr Price Money are all accounts that must be paid.
  5. Masterpass Payment Option

What is a MobiMoney Paycode, and how does it work?

Nedbank MobiMoney paycode is a six-digit code that you may use to collect customer payments and pay suppliers. MobiMoney users may use their accounts to pay for products and services from small and informal vendors.

Payments can be sent straight to these dealers’ smartphones (linked to a MobiMoney Account). Simply call *120*002# to acquire a six-digit paycode.