As part of the evolution of MTN Mobile Money, the company has introduced another feature where a customer sending money to another now gets to choose the bearer of withdrawal fees. This means that it is no longer a given that the person to whom the money is being transferred bears the withdrawal fee. This feature will make it easy and convenient for the receiving customer to get the full amount transferred to them, and not have it deducted.
Before the introduction of this feature, if a customer did not want to have the amount being transferred reduced, s/he needed to transfer more than was required by the potential recipient and include withdrawal feel. All of that is now a thing of the past said Luphondvo.
Recently, MTN Eswatini announced that with effect from June 2019, MTN Mobile Money customers who deposit money into their Mobile Money wallets will now be required to indicate their source of funds. The good news is that MTN Mobile Money will avail at least ten options of sources of income from which its valued customers would choose.
The company is currently engaging its customers to ensure that by June, they are aware and ready. MTN has committed to ready itself by then by putting in place relevant systems that will make this change possible.
Declaration of the source of funds is actually a regulatory requirement that all financial institutions adhere to. By introducing this feature, MTN Mobile Money is demonstrating commitment to comply with the country’s laws and to contribute to the prevention of money laundering.
MTN Mobile Money continues to grow because customers can now pay for over 20 different products and services. Some of the recent developments include the payment of rates for Mbabane and Siteki, and additional to persons, payments can now be made to companies. MTN MoMo deposits are now projected at just over E2 billion per annum while the total value of customer withdrawals edges at over E1.6 billion per annum. In December last year, MTN MoMo saw an unprecedented increase of E143.9 million, ushering the platform to its first E1 billion in circulation in a single month.
Now that most of our MTN Mobile Money clients have gone through the VELA SIM Registration project, and are fully compliant with the “Know Your Customer” (KYC) regulation, they can now deposit more than E4 000 per day with the ceiling pitched E25 000 by the Central Bank of Eswatini (CBE).
This development means entrepreneurs can now conveniently pay multiple suppliers in a day because convenience is now literally in their fingertips.