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Here are Six Ways You Should Use MoMo PSB for Seamless Transactions
In today’s fast-paced digital world, Mobile Money (MoMo) services have become essential for managing financial transactions conveniently and securely. MTN’s MoMo service offers a plethora of features that can enhance your financial management.
Here are six effective ways to utilise MoMo PSB (Payment Service Bank) to streamline your financial activities.
Cash Deposits and withdrawals
One of the key functions of MoMo PSB is for cash deposits and withdrawals. Users can easily deposit cash into their MoMo Wallets through authorised ATM or POS agents that support the service.
This feature allows you to manage your cash flow efficiently without needing a traditional bank account. To withdraw cash, simply visit a nearby MoMo agent, provide your wallet number, and receive your funds immediately.
Business Transactions
MoMo PSB recently announced their partnership with Vendy LTD, a marketplace on WhatsApp for business owners to get closer to their customers on their favourite apps.
Interested buyers browse inventory, place orders, get invoiced automatically and pay directly on WhatsApp using the MoMo PSB in app payment. You can now say bye to taking screenshots of payment receipts and say hello to a swift payment method.
Bill Payment
With MoMo PSB, paying bills has never been easier. You can settle utility bills, school fees, and other recurring payments directly from your mobile device using USSD codes or the MoMo app. It eliminates the need for physical visits to payment centres and helps you avoid late payment penalties by ensuring timely transactions.
Airtime Purchases
Another convenient feature of MoMo PSB is the ability to purchase airtime directly from your wallet. Whether you need to recharge your phone or buy data bundles, you can do so quickly without needing cash or credit cards. Simply select the amount you wish to purchase and confirm the transaction using your MoMo PIN.
Peer-to-Peer Transfers
Transferring money between friends and family is seamless with MoMo PSB. You can send money instantly to anyone with a MoMo wallet by entering their phone number and the desired amount.
This feature is particularly useful for splitting bills or sending money to loved ones in need without incurring high transfer fees associated with traditional banking methods.
Linking your Wallet to Other Financial Services
To maximise the benefits of using MoMo PSB, consider linking your wallet to other financial services such as savings accounts or Investment platforms. This integration allows for easy fund transfer between accounts and provides better control over your finances by consolidating all transactions in one place.
By leveraging these five functionalities of MoMo PSB, users can enjoy greater convenience in managing their finances while benefiting from the security that comes with mobile money services.
Karl Toriola, ceo of MTN Nigeria, has said that the organization can drive Nigeria towards a $1 trillion economy.
He made this statement at the CWG Africa Texcellence Conference 3.0, highlighting the company’s evolution from a traditional telecom provider to a forward thinking technology company.
“The shift Telco to TechCo represents a massive opportunity for Nigeria. By embracing digital, investing in infrastructure and fostering innovation, Nigeria can accelerate its journey toward becoming a $1 trillion economy”, he said, emphasizing MTN’s vision to drive Nigeria’s economy, with a focus on strengthening community connectivity, promoting financial inclusion, and empowering businesses nationwide.
He noted the telecommunications industry’s contributions to Nigeria’s economy, saying “The telecommunication sector has been a critical sector of economic growth in Nigeria, contributing roughly 14% GDP”.
Toriola detailed MTN’s dedication to reshaping Nigeria’s digital future through key initiatives such as SG deployment, advancements in fintech, and the integration of artificial intelligence.
“The telecommunication sector has been a critical sector of economic growth in Nigeria, contributing roughly 14% GDP.
“At MTN Nigeria, we are undertaking a transformative shift from a telecommunications provider to a technology company. While this transition is a significant challenge with its own risks, it presents immense opportunities, especially with the launch of 5G technologies.
“We are moving to revolutionize connectivity nationwide by creating urban centers, providing fixed broadband solutions for businesses and homes, creating a foundation for major advancements”, he said.
The MTN Chief Executive officer highlighted some of the company’s present digital solutions and initiatives contributing to Nigeria’s digital economy, including MoMo PSB, Ayoba and MTN play, while also emphasizing the power of 5G in driving economic development.
“The low latency and high- speed capabilities of 5G open up exciting possibilities in areas such as the internet of Things (IoT) and artificial intelligence (At), expanding our reach into sectors like healthcare.
“Mobile money services are also at the forefront of our transformation from a Telco to a TechCo, as we aim to meet evolving consumer demands and build new business cases in financial solutions”.
He also noted the ongoing construction of MTN’s data center, which will enable the ICT firm to provide extensive infrastructure and storage services for various businesses.
Karl Toriola’s submissions at the Texcellence Conference indicated that MTN’s transition from Telco to TechCo goes beyond business solutions, also forming part of the firm’s strategic efforts to enhance Nigeria’s economic growth.
Cycling enthusiasts, gear up for an exhilarating experience this Saturday, November 23rd, as FXTM proudly sponsors the Lagos State Monthly Crit at Dolphin Estate, Ikoyi, Lagos.
Interested participants should register at 6:30 AM and prepare for the main race, kicking off at 7:30 AM. Participants will compete for four thrilling hours in three categories: Professional, Junior, and Veteran.
The top prize starts at $500, adding an exciting competitive edge to the event. There will also be refreshments, music and an opportunity to socialize with like-minded individuals.
FXTM, known for its global commitment to promoting fitness through charitable cycling events, is thrilled to bring this spirited race to Lagos. Riding has always been synonymous to freedom, matching the company’s value of freedom to succeed.
The event not only aims to foster a love for cycling but also to enhance community fitness and well-being.
The stand-in Country Representative for FXTM, Kelechi Ehibudu said: “We are thrilled and delighted to sponsor this event as part of our charitable project.
“We look forward to an exciting time with all participants from all works of life. It’s going to be action packed event.”
Thembi Alfreds was driving home from a soccer match in Johannesburg when she stopped at a traffic light. A thief suddenly appeared and smashed the window of her car, grabbing her phone. She struggled with the thief but they managed to get away with the phone.
The incident left her feeling violated and unsafe. Not only did she lose personal memories, like photos of her children, but her personal and financial information stored on the phone was now compromised.
Phone theft is a serious concern in many countries across Africa, including South Africa, where Thembi’s situation highlights the need for better phone theft solutions.
Smartphone usage is on the rise in Sub-Saharan Africa, with adoption rates reaching 61% in Kenya, 31% in Uganda, and 24-25% in Rwanda and Burundi. This increased uptake has been accompanied by a rise in cellphone theft, as these devices become attractive targets for criminals due to their resale value and sensitive data within. This poses a significant challenge that can have serious consequences for both individuals and businesses in the region.
According to the GSMA Consumer Survey 2023, 19% of mobile phone users in South Africa experienced theft or loss of their device in the past year.The GSMA reports millions of devices stolen every year, and the numbers continue to grow. With our phones becoming increasingly more valuable & central to storing sensitive data, like payment information and personal details, losing one can be an unsettling experience.
Phone theft can be a traumatic experience, but there are steps that can be taken to reduce the risk and protect personal information. That’s why we have developed and thoroughly beta tested, a full suite of features designed to protect you and your data at every stage – before, during, and after device theft.
These advanced theft protection features are now available to users around the world through Android 15 and a Google Play Services update (Android 10+ devices).
Theft Detection Lock uses powerful AI to proactively protect you at the moment of a theft attempt. By using on-device machine learning, Theft Detection Lock is able to analyze various device signals to detect potential theft attempts. If the algorithm detects a potential theft attempt on your unlocked device, it locks your screen to keep thieves out.To protect your sensitive data if your phone is stolen, Theft Detection Lock uses device sensors to identify theft attempts.
This feature is rolling out gradually to ensure compatibility with various devices, starting today with Android devices that cover 90% of active users worldwide. Check your theft protection settings page periodically to see if your device is currently supported.
In addition to Theft Detection Lock, Offline Device Lock protects you if a thief tries to take your device offline to extract data or avoid a remote wipe via Android’s Find My Device. If an unlocked device goes offline for prolonged periods, this feature locks the screen to ensure your phone can’t be used in the hands of a thief.
If your Android device is lost or stolen, Remote Lock can quickly help you secure it. Even if you can’t remember your Google account credentials in the moment of theft, you can use any device to visit Android.com/lock and lock your phone with just a verified phone number. Remote Lock secures your device while you regain access through Android’s Find My Device – which lets you secure, locate or remotely wipe your device. As a security best practice, we always recommend backing up your device on a continuous basis, so remotely wiping your device is not an issue.
These features are now available on most Android 10+ devices via a Google Play Services update and must be enabled in settings.
Advanced security to deter theft before it happens
Android 15 introduces new security features to deter theft before it happens by making it harder for thieves to access sensitive settings, apps, or reset your device for resale:
- Changes to sensitive settings like Find My Device now require your PIN, password, or biometric authentication.
- Multiple failed login attempts, which could be a sign that a thief is trying to guess your password, will lock down your device, preventing unauthorized access.
- And enhanced factory reset protection makes it even harder for thieves to reset your device without your Google account credentials, significantly reducing its resale value and protecting your data.
Later this year, we’ll launch Identity Check, an opt-in feature that will add an extra layer of protection by requiring biometric authentication when accessing critical Google account and device settings, like changing your PIN, disabling theft protection, or accessing Passkeys from an untrusted location. This helps prevent unauthorized access even if your device PIN is compromised.
Real-world protection for billions of Android users
By integrating advanced technology like AI and biometric authentication, we’re making Android devices less appealing targets for thieves to give you greater peace of mind. These theft protection features are just one example of how Android is working to provide real-world protection for everyone. We’re dedicated to working with our partners around the world to continuously improve Android security and help you and your data stay safe.
You can turn on the new Android theft features by clicking here on a supported Android device. Learn more about our theft protection features by visiting our help center.
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