MTN mobile money users can now receive international money transfers right into their mobile money wallets. This is possible as the company has partnered with Western Union, a leader in cross-border/cross-currency money transfers.
This MTN-Western Union partnership is going to give mobile money users more convenience as they wouldn’t have to always hit the bank to redraw their remittances. Over 14 million MTN mobile money users are going to benefit from this initiative.
Monies can be received from customers using Western Union digital products and the Agent retail network across the world.
According to the 2017 State of the Industry Report on Mobile Money by GSMA Intelligence, Ghana is seen as one of the top countries in the sub-Saharan African region with heavy usage of mobile money services.
Speaking on the initiative, the Head of Network for Western Union Africa, Mohamed Touhami El Ouazzani, said they went into the partnership to provide a really fluid way to transferring and receiving money from anywhere in the world.
“Our aim is to offer seamless money transfers for all. This means serving customers across all channels – including servicing fast-emerging mobile first-customers. Our platform sets ourselves up to effectively serve an evolving marketplace with diverse customer preferences and needs. With this collaboration, customers in Ghana can now choose from multiple pay-out options – either into their MTN Mobile Money wallet or at a Western Union Agent location.”
With the introduction of the MTN mobile money wallet in Ghana, a lot of financial transactions have been made easy. From paying utility bills to school fees to buying airtime and buying airline tickets, the MTN mobile money service has brought a great degree of convenience to its users.
Eli Hini, the General Manager for MTN Mobile Financial Services, said:
“We are excited that the collaboration with Western Union will allow customers to direct international money transfers into their mobile money wallets, which also positions MTN as a leader in the payments industry. With the large number of incoming remittances to Ghana, this digital service allows people to receive money without having to leave their home or office.”
Hini added that the company is going to continue to “support digital solutions that make global payment options easier for its valued customers.”
Ghana was counted as one of the top 3 remittance-receiving nations in sub-Saharan Africa in 2018, according to the World Bank’s Migration and Remittances Brief 31. This shows how significant the Western Union-MTN mobile money wallet transfer service is.
Customers that use the MTN Mobile Money wallet to receive money via the Western Union transfer service can receive up to US$500 in Ghanaian cedis equivalent per transaction. Also, per day, users can receive up to US$1500 in Ghanaian cedis equivalent.
An SMS confirmation will be sent to the user once the funds are deposited into the wallet. The SMS will notify the user of the total balance in their wallet. To receive local currency in person, just like the usual, you’d have to go to any of the over 135,000 MTN Mobile Money Agent locations and over 200 Partner Banks’ ATMs for a cardless withdrawal.