MTN MoMo partners Nedbank for cash-outs at ATMs
The MTN Mobile Money (MoMo) app has partnered with Nedbank to enable customers to withdraw cash via all Nedbank ATMs, or any of the participating retail stores, across the country.
The fees range from R10 for transactions of up to R1 000, R20 for transactions between R2 000 and R3 000 and R30 for transactions between R2 000 and R3 000.
MoMo Cash-out via Nedbank ATM or any of the participating retail stores, such as Pick n Pay, Shoprite, Checkers, OK Foods and USave, builds on the broad rollout of mobile money solutions by MTN over the past year, aimed at driving greater financial inclusion for all South Africans, says the mobile operator.
“Achieving cost savings, driving efficiency and bringing the digital world closer to the needs of customers is at the heart of this solution,” says Felix Kamenga, chief officer for mobile financial services, MTN SA.
The cash-out functionality adds to the existing MoMo suite of saving, sending and receiving money, paying bills and buying prepaid services, among others, says MTN.
Kamenga explains that MoMo customers who want to cash-out from their MoMo wallet using a Nedbank ATM can log on to MoMo via the app or USSD, select “cash-out” and then “cash-out at a Nedbank ATM or any of the participating stores” and enter the amount to withdraw between R50 and R3 000.
“After confirming the transaction, the voucher number will be displayed on the app/USSD and in 15-20 minutes, customers will receive an SMS with a voucher number and a one-time PIN. Once the SMS is received, they can go to any Nedbank ATM or any of the participating retail stores and at a Nedbank ATM would select the Nedbank Cardless withdrawal option and follow the instructions.
“At a participating retail store, the client needs to inform the staff member at the till point that they would like to make a Nedbank cardless withdrawal. The cash-out vouchers are valid for 30 days,” says Kamenga.
The service is only available between 7am until 6pm. This means MoMo customers will not be able to request a cash-out via a Nedbank ATM outside of these times.
“Cash-out vouchers are not transferable and if the voucher is not used within 30 days, the funds less the fees are returned to the customer’s MoMo wallet,” he adds.
Meanwhile, for existing Nedbank Avo or Nedbank MobiMoney account-holders, the funds will be deposited into their Avo or MobiMoney wallets and they can then cash-out from that wallet.
“We aim to continue bringing exceptional and innovative solutions to assist customers so they can enjoy the benefits of the modern digital world. We remain committed to driving digital and financial inclusion, with the launch of MoMo Cash-out via Nedbank ATM another important step to opening the door to new opportunities for more people,” concludes Kamenga.