MTN MoMo users can now withdraw funds at Nedbank ATMs

What is MTN MoMo
Image credit: MTN

Mobile operator MTN has announced that its MoMo customers can now “cash out” or withdraw their funds at Nedbank ATMs or participating retail stores across South Africa.

In a statement on Monday (22 November), MTN SA’s head of mobile financial services, Felix Kamenga, said the move is aimed at achieving cost efficiency and bringing digital services closer to customers.

MTN MoMo Nedbank ATM cash-out

Fees for the MTN MoMo cash-out/withdrawal at Nedbank ATMs or retail stores start from R10 for transactions of up to R1,000. Withdrawals for amounts between R2,000 and R3,000 will cost R10, while those between R2,000 and R3,000 will cost R30.

Participating retail stores include Pick n Pay, Shoprite, Checkers, OK Foods and USave.

How to withdraw

According to Kamenga, customers who wish to withdraw funds from their MTN MoMo wallet using a Nedbank ATM should log on to MoMo via the app or USSD.

Next, they need to select “cash-out” followed by “cash-out at a Nedbank ATM or any of the participating stores.” The next step is to enter the withdrawal amount, which must be 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,” Kamenga explained.

“Once the SMS is received, they can go to any Nedbank ATM or any of the participating retail stores. At a Nedbank ATM, [the customer] should 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.”

The Nedbank cash-out service is only available between 7am until 6pm. The vouchers are not transferable, and funds in unused, expired vouchers will be returned to the MoMo wallet minus the fees.

For Nedbank Avo or Nedbank MobiMoney account-holders, the funds will be deposited into their Avo or MobiMoney wallets and they can subsequently cash-out from that wallet.

This latest innovation follows similar moves over the past year, including a partnership with the International Finance Corporation to expand the popular mobile money network.

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