MTN has announced a partnership with Nedbank that will let MTN Mobile Money (MoMo) app users withdraw cash from the bank’s ATMs.
Users will also be able to withdraw cash at participating Shoprite and Pick n Pay stores. These stores include Checkers, OK foods, and USave.
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Customers can withdraw between R50 and R3 000. The service is limited to certain hours of the day: from 7am to 6pm.
The transaction also comes with fees: R10 for withdrawing up to R1 000, R20 for withdrawing between R2 000 and R3 000, and R30 for withdrawing between R2 000 and R3 000.
How MTN MoMo withdrawals work at Nedbank ATMs
So how exactly do these transactions work?
To withdraw cash from the ATMs, or from retailers, users will need to request a cash-out voucher from their MoMo wallet.
To do this, they need to log into the MoMo app or log in using the USSD menu.
They must then select the Cash-out” option, followed by “Cash-out at a Nedbank ATM or any of the participating stores”.
Then, select the amount to withdraw between R50 and R3 000.
The screen will show the user the voucher number. They will also receive an SMS including the voucher, along with a one-time PIN, within 20 minutes. This voucher is valid for 30 days.
At a Nedbank ATM, they can then select the cardless withdrawal option and follow the instructions. At retailers, they will need to ask a staff member at the till point to make a Nedbank cardless withdrawal.
If you don’t use the voucher in 30 days, the money will be returned to your Momo wallet, with the transaction fee deducted. If you’re a Nedbank Avo or Nedbank MobiMoney user, the funds go to your Avo or MobiMoney wallet.