MTN Mobile Money withdrawals at Nedbank — R10 per R1,000

MTN has announced that its Mobile Money (MoMo) customers can now withdraw cash across South Africa from Nedbank ATMs.

Fees range from R10 for transactions of up to R1,000, R20 for transactions between R1,000 and R2000, and R30 for transactions between R2,000 and R3,000.

The service is only available between 07:00 and 18:00. MoMo customers will not be able to request a cash-out via Nedbank ATM outside of these times.

Cash-outs are also available through participating retail stores such as Pick n Pay, Shoprite, Checkers, OK foods, and USave.

MTN said the Cash-out functionality adds to the existing MoMo suite of saving, sending, and receiving money, paying bills, and buying prepaid services, among others.

“Cash-out vouchers are not transferable and if the voucher is not used within 30 days, the funds less the fees are returned to the customer’s MoMo wallet,” said MTN SA chief officer for mobile financial services Felix Kamenga.

For existing Nedbank Avo or Nedbank MobiMoney account holders, the funds being cashed out will be deposited into their Avo or MobiMoney wallets and they can then withdraw from that wallet.

Now read: We tested MTN’s 5G coverage — with impressive results