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What is MoneyBox Africa Limited?
MoneyBox Africa limited is a Mobile Money Operator (MMO) approved by Central Bank of Nigeria to operate an innovative savings and payment system based on scratch card and enabled by any mobile phone.
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What is the service called?
The service is called MoneyBox.
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What is MoneyBox?
MoneyBox is a Mobile Money Transfer (MMT) service. It is a savings and payment service based on MoneyBox scratch card and enabled by a mobile phone. MoneyBox puts people in control of their financial transactions and can be used by any mobile phone, anywhere, anytime, on any mobile network, with any bank and by any individual.
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What can I do with MoneyBox?
MoneyBox enables users to save money on their mobile phones, deposit money directly into bank accounts, remotely top-up phone credit, pay utility bills and taxes, pay insurance premiums, send money to friends and relatives, withdraw money at agent locations or ATMs, get access to loans and make investments.
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Where can I find the MoneyBox scratch card?
Moneybox scratch cards can be purchased from MoneyBox shops, authorized MoneyBox dealers and MoneyBox partner Banks that are everywhere.
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What are the denominations of the MoneyBox scratch card?
Moneybox scratch cards come in various denominations namely: N500; N1,000; N2,000; N5,000; N10,000 and N20,000.
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Do I need to have a bank account before I can use MoneyBox?
No, you do not need to have a bank account to use the MoneyBox service. MoneyBox enables consumers to have a Stored-Value-Account (SVA) on their mobile phones which is independent of a bank account.
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What is a Stored-Value-Account (SVA)?
A Stored-Value-Account (SVA) is an electronic wallet (eWallet) created for a consumer on the MoneyBox platform to enable MoneyBox subscribers save money on their mobile phones.
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Is MoneyBox a banking service?
No, MoneyBox is not a mobile banking service. MoneyBox is a Mobile Money Transfer (MMT) service. MoneyBox runs on the mobile phone and is designed specifically for people who do not have access to conventional banking. It is different in that the customer does not need a bank account; only a mobile phone is required in order to perform transactions.
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What is the main difference between MONEYBOX and a banking service?
The main difference between MoneyBox and a banking service is that Moneybox is a money transfer service provided by a Mobile Money Operator (MMO) via Mobile phones while a banking service is a bank provided service via the banking platform.
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Do I need to have a minimum amount in my account like some banks ask for?
No, you don’t need to have a retained minimum amount in your Stored-Value-Account. However, if you operate a Moneybox account on the street (AOTS) which is a normal bank account, you are required by CBN regulation to have a minimum balance as specified by the bank whose account you are using.
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How can money be sent to people who are not registered customers or who are not even on the other network?
MONEYBOX can be sent to unregistered customers by using their mobile phone numbers as destination in a MoneyBox money transfer. The MoneyBox platform automatically opens an account for the unregistered customer and deposit the transferred funds into the new account ten send transaction confirmation alerts to both the sender and recipient.
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Is it possible for someone in Nigeria to transfer or receive funds using a foreign sim?
Yes, this is possible, any SIM that can send SMS can execute Moneybox transactions; all a customer in the Diaspora needs do is to get a Moneybox scratch card for desired amount from any Agent in his location, and send value to their beloved ones here in Nigeria. But it is not possible to transfer money abroad using the moneybox platform due to Anti-Money-laundering regulatory issues.
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How do customers register for MONEYBOX?
There are three levels of registration on Moneybox platform:
- For the unbanked customers (least kyc)
Buy a MoneyBox scratch card, Scratch off the grey area; select “Load”, select “Phone” and select “This phone” from the drop down menu application and Key in the voucher codes say (29347645325...) then send to MoneyBox shortcode 6691
- MoneyBox sends response sms with your personal (PIN number & Passphrase) and more so requesting you to input: (your first name and last name) to 6691 to activate your Store Value Account. Note, it is advised that you change your PIN before commencing further transaction
- Tthe customer on this level can only perform a max of (0-3k per transaction) and (30k per day).
Customer is in need to carry out higher level transactions thus he/she will be required to provide more KYC details via a MoneyBox approved Agent such as:
- Full name
- Address
- Means of Identification (ID)- must be verified
Once all these are provided and uploaded to the MoneyBox database via 6691, MoneyBox will authenticate and commission the user within 24 hours.
Note; this customer can only perform (0-10k per transaction) and (100k per day)
With this level of registration the customer can perform all MoneyBox line of services including AOTS. The AOTS is a normal bank account but facilitated by MoneyBox via the mobile phone. The requirement includes:
- Full name
- Address
- Means of Identification (ID)- must be verified
- Utility bill payment evidence
Once all these are provided and uploaded to the MoneyBox database via 6691, MoneyBox will forward the collated information to the bank, the bank will carry out due diligent check on their system and activate the user within 24 hours.
Note; this customer can only perform (0-100k per transaction and 1M ) per day)
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Is MoneyBox registration FREE?
Moneybox registration is free. However, you need to buy Moneybox scratch card and load on your mobile phone. The Moneybox AOTS requires proper documentation of the customers details. The criteria for documentation includes:- Name and address of the customer, means of identification ( National ID, international Passport, employee’s ID, and drivers license).
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Must I have my SIM Card replaced before registering for MONEYBOX?
No, you do not need to replace or upgrade your SIM to enable you register for Moneybox.
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Why do I need an ID to register or transact at an agent outlet?
No, You don’t need an ID to transact at an agent location. Your phone number and the supplied details at registration is sufficient.
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What is the difference between a registered MoneyBox customer and an unregistered customer?
A registered MoneyBox account can execute all MoneyBox transactions while an unregistered can only receive funds but cannot push.
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What services are available on MoneyBox?
- Deposit cash into a bank account remotely via the mobile phone (Quick Save)
- Withdraw money from any MONEYBOX agent outlet or ATM
- Do person-to-person funds transfer
- Top-up airtime of the various networks remotely.
- Pay Bills
- Manage your MONEYBOX account (i.e. check balance, call customer care, change MONEYBOX PIN, change secret word, and update menu).
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How does MONEYBOX work?
To load money into your MONEYBOX account (SVA) buy Moneybox scratch card from any vendor closer to you then follow the instruction below to load money to your SVA.
Step 1
Buy moneybox scratch card of your desired amount from the vendor closer to you.
Step 2
Scratch off the grey area to reveal the 16 digit value pin
Step 3
To load the value on your MoneyBox Africa account:
Text “load” (space) “enters” <16 digit code> from the scratch card
E.g.: load 1234567891234567
Step 4
- Send text to “MoneyBox Short code”
To withdraw cash from your MONEYBOX account or (for unregistered customers to get cash), you need to go to a MONEYBOX agent and make an electronic transfer to the agent who will exchange this for cash.
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Do I need to pay any service charges for having a MONEYBOX account?
No, there are no charges to for owning or operating a moneybox account.
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Can I access an existing bank account using MONEYBOX?
Yes. You can send money to existing bank accounts via MoneyBox but you cannot pull funds from bank account via MoneyBox
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Does MONEYBOX work across all mobile networks?
Yes, MoneyBox works across all mobile networks and can be used on any Mobile phone.
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Can I top up from any mobile network operator?
Yes, you can use MoneyBox to top up airtime on any network.
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Can I buy airtime through MONEYBOX if I’m out of the country?
Yes. As long as there is MONEYBOX value on your mobile account
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Can I use my service provider airtime to top up my MONEYBOX account?
NO. Your MONEYBOX account is completely separate from your Telco airtime. You cannot buy MONEYBOX value using airtime. However you can use your MONEYBOX value to buy airtime for your own or another network subscriber's phone.
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What happens if I do not get an SMS from MONEYBOX confirming the transaction?
This situation is prevented by dedicated messaging capacity. However, If for any reason there is a delay in receiving SMS from MONEYBOX platform for more than 20 minutes, check your balance or do a mini statement. Also, delete old messages to free up memory space. If the funds still haven’t been received, call the customer care line and you will receive a status report on your transaction.
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What happens when I lose my mobile phone?
Call the customer care to have your account suspended. When you replace your SIM your account will be reactivated. Note that you will need to call customer care when you get your SIM back to activate your account.
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What is the importance of the MONEYBOX SECRET passphrase?
The importance of MONEYBOX ‘passphrase’ is to enable Moneybox reset your secret PIN if you forget it.
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How many times can I change my PIN/Passphrase?
There is no limit to the number of times you can change your secret PIN/passphrase.
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What is the importance of my MONEYBOX PIN?
You require your MONEYBOX PIN to send and withdraw money from your account, using the MONEYBOX menu on your phone. You must keep your PIN secret and should therefore choose a combination that is easy for you to remember, but difficult for others to guess. Do not share your MONEYBOX PIN with anyone, not even Moneybox staff. You can change your PIN at anytime from the MONEYBOX menu on your phone at no cost.
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What do I do in case I send money to the wrong number?
Wrong transfers are reversible on the MONEYBOX system, upon rigorous vetting of the sender and recipient and if the money has not yet been cashed or withdrawn. If you make an incorrect transaction: Call Moneybox customer care line immediately and provide them with the number and transaction details.
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Will my transactions be limited to the Agency store where I registered?
No. You will be able to carry out transactions at any MONEYBOX agent or store.
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Is MONEYBOX available outside Nigeria?
No. Currently the service is limited to Nigeria
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How does MONEYBOX work with the ATM?
The customer initiating the ATM transaction must have money in his/her SVA or must have loaded money from the MoneyBox scratch card to his/her phone. The customer should follow the following instruction to cash out money from the ATM.
To cash out from an ATM
Step1.
Text ATM <space > amount <space> PIN send to MoneyBox Shortcode
Step2.
The customer receives a withdrawal code from MoneyBox for the initiated amount
Step3.
Customer enters the withdrawal code on the ATM
Step4.
ATM dispenses the amount.
The customer will receive a successful transaction message from Moneybox platform and will also be notified of his current balance on his SVA.
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How do I get the ATM Withdrawal option on my phone menu?
Once you are a registered MoneyBox customer, the MoneyBox midlet application is deployed on your phone, follow the instruction on the mid-let and cash out from the ATM.
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What is the MoneyBox Agent Code?
The MoneyBox agent code is displayed boldly at any MoneyBox agent location for easy identification and ease of transaction process.
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How much can I withdraw in a Single Transaction from an ATM?
The minimum withdrawal amount per ATM Transaction is N3000 and the maximum is N30, 000. Per day.
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Do I need to have an ATM card to withdraw money from my MONEYBOX account?
No.
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Where are the MoneyBox ATMs?
MoneyBox has no ATM of its own but in partnership with the ATM operators. Thus, a customer can withdraw from any ATM location all over the federation.
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MONEYBOX Dealers
MONEYBOX Agents are located all over the federation. Their main function is to sell the MoneyBox scratch card, register customers for AOTS and cash out transaction.
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Who are these MONEYBOX dealers?
There are a wide range of agents nationwide and can be easily identified with the MoneyBox branded shop, kiosk, parasol, and MoneyBox accepted here sign.
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