Following a security breach in the fintech’s system, Momo Payment Service Bank Limited, a subsidiary of MTN Nigeria, lost N22.3 billion Naira ($53 million), forcing the firm to temporarily halt operations.
On May 24, 2022, the incident occurred after MTN Momo PSB completed 700,000 transactions and transferred the funds into around 8,000 third-party accounts held by 18 banks. Six days after making an effort to get the money back, the company sued the banking institutions, naming them as defendants.
Since MTN MoMo returned and the operation got underway in full, I believe the problem has been resolved. Momo Payment Service Bank recently reinstated its welcome bonus of 100 Naira for every MTN subscriber that activates his or her wallet in an effort to draw in new customers.
MTN MoMo: what is it?
MTN MoMo (Mobile Money) is a secure electronic service that lets users of MTN MoMo wallets save money, transfer and receive money, make payments, and carry out a variety of other activities using just their mobile phone. It is quick, easy, and efficient. Additionally, it is provided by MTN in other nations around Africa in collaboration with more than 10 partner banks.
The Operation of MTN MoMo
Money is kept in a safe electronic account connected to an MTN mobile phone number through MTN MoMo. Please verify with your receiver that they have a registered MTN Mobile Money account before sending them money.
How can I use MTN MoMo?
Owners of MTN Mobile Money wallets have a variety of options for using their mobile money accounts. People can:
- Receive and store money
- Send money to any registered or unregistered MTN mobile phone subscriber.
- Send money to mobile phone users on other local networks.
- Withdraw cash at any authorized MTN Mobile Money agent
- Top-up MTN airtime
- Pay your bills.
- Purchase and cover insurance.
- Pay for the salary of your employees, airline tickets, tuition, and other products and services.
How to Get N100 Bonus from MTN Momo
- Simply dial *671# on your MTN SIM, and a welcome message will appear asking you to create a payment pin.
- Enter any 4-digit pin that you can easily remember, and then enter it again to confirm.
- The main menu, which explains how to use your Momo wallet to send money to others and purchase airtime or data, will be displayed when you confirm the pin.
- MTN Momo immediately opens an account for every new user with N100, which can be used to purchase airtime or data.
That’s it for the Momo 100 Naira free airtime welcome bonus; below are the steps to accumulate the bonus.
People with a large number of MTN SIMs or access to a large number of MTN using families/friends will find this to work best.
How to Accumulate a 100 Naira Bonus with MTN Momo
You need access to a lot of MTN numbers, as I said in the sentence above because the Momo PSB offer is now only available to MTN customers and not to users of any other networks.
On the MTN number you want to receive the free welcome bonus, simply repeat the same procedure.
- To receive the 100 Naira welcome bonus, dial *671# with the second MTN number and create a pin.
- Move the cash to your primary account through the transfer option rather than using it to purchase airtime.
- Select transfer money to phone when you dial *671#. It’s free; just choose option 1 (Send money to phone), input your primary MTN number, the N100 amount you want to transfer, and then enter the pin.
- Your primary line will receive the 100 Naira welcome bonus from the second MTN line you used to activate the Momo account.
Repeat the procedure on each MTN SIM. The simplest approach to earn the Momo N100 welcome bonus is in this form. Hurry up! Ahead of when they discontinue providing the free airtime.