For a detailed information on mobile money, go through the following commonly asked questions.
Mobile money is an electronic wallet service. This is available in many countries and allows users to store, send, and receive money using their mobile phone.
The safe and easy electronic payments make Mobile money a popular alternative to bank accounts. It can be used on both smartphones and basic feature phones.
How and what can my recipient use mobile money for?
Generally, mobile money services allow users to purchase items in shops or online, pay bills, school fees, and top-up mobile prepaid phones. In most countries and community, cash withdrawals can also be carried out at local authorized agents.
To pay a bill or send money to another person, the user selects the relevant service from their phone’s mobile money menu. Paying with mobile money is just like sending a text message – it’s simple and easy.
Additionally, Varmstra has also made it easy with the introduction of virtual Visa, Master and Verve( Nigeria only) card to give it users globally to own a card linked to their wallet. This way recipients of mobile money can convert the money into a payment card, by loading their visa/master card using their mobile money received and use it.
How Does Mobile Money Work?
Mobile money stores funds in a secure electronic account linked to a mobile phone number. In most cases the wallet number will be the same as the phone number, but not always – they can be different in certain cases. Before sending funds to a mobile money wallet, please check with your recipient to determine the right number/account.
For more information on the services available for mobile money in your recipient’s country, please check the provider’s website or visit one of their authorized agents.
How Secured Is Mobile Money?
Mobile money do applies similar concept like bank account, thus funds held in mobile money accounts are protected by local financial regulations. Mobile money providers and partners like Varmstra are required to check the identity of their users - making it much harder for fraudsters and criminals to use these services illegally. We do achieve this in several ways and this varies as per individual government policies vary too.
Mobile money services store a record of every transaction and account balance, so even if the phone or SIM card is lost or stolen, the user’s money is kept safe. Additionally, every transaction requires identification in the form of an secret PIN or 2FA where appropriate.
For a more detailed information on the legal requirements for mobile money services, please visit the GSMA website here.
For a more light about the security benefits of mobile money, please visit your local mobile money provider’s website.
Where Can My Recipient / I Subscribed For A Mobile Money Account?
Mobile money is available in a large number of countries and is especially popular in places where people are less likely to have bank accounts.
Most mobile money services are offered by local mobile telecoms operators who have received a license to operate electronic payments services. Some mobile money services are offered by banks or other companies.
To register, the customer needs to visit their local mobile money agent and bring a form of identification, such as a valid passport, driver’s license or a government ID.
For further details on how to register for a mobile money account, visit the website of your local Mobile money provider.