MTN Ghana & Nigeria piloting Cross-Border Payments on MoMo

MTN Ghana and MTN Nigeria have taken a major step in financial inclusion by piloting cross-border payments on the MTN MoMo platform.

This long-awaited new feature will allow Ghanaians and Nigerians to send and receive money seamlessly between both countries, directly into their local MoMo wallets.

Currently the service is being tested in a sandbox with some five thousands (5,000) customers in Ghana and Nigeria ahead of a full launch later this year.

With this innovation, users would no longer need to rely on third-party remittance services, making transactions faster, more convenient, and cost-effective.

Whether for business, family support, or trade, MTN MoMo’s cross-border payment will simplify financial interactions between Ghana and Nigeria.

This move strengthens MTN’s position as a leader in mobile money services and paves the way for greater financial connectivity across Africa.

For this included on the pilot, the service can be accessed via the following steps:

Dial up
1. *170# on your MTN,
2. Choose option 1 (Transfer Money)
3. Choose option 7 (Cross Border Payment)
4. Choose mode of payment and make sure you add country code(+233/+234)

As mobile money continues to evolve, cross-border transactions could become the new standard for digital payments on the continent.

Outbound instant money transfer from Ghana is currently hampered to a very large extent due to regulatory hurdles. But recently, the central banks of Ghana and Rwanda reached an agreement to active cross-border payments between the two countries.

If the cross-border transfers between MTN and Ghana and Nigeria comes on stream, that will be a major step towards facilitate cross-border trade through digital finance in Africa, particularly within the context of the Africa Continental Free Trade Agreement (AfCFTA).

Source: techfocus24.com