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Mobile Money Rwanda Ltd unveils MoMo Self reversal

By IGIHE
On 13 October 2022 at 08:30

Mobile Money Rwanda Ltd has today unveiled MoMo Self reversal option, a feature that will enable Mobile Money customers to instantly reverse money to avoid cash-out to a wrong recipient.

The move will see customers initiate a reversal of own transfer without customer care involvement.

This is line with Mobile Money Rwanda’s commitment to offer its customers unmatched personalized services as enshrined in its overall mission.

The MoMo Self reversal will grant customers autonomy and flexibility to self-service and an improved experience in the digital age.

The reversal will follow the following simple steps to completion:

  • The approving account holder (the receiver of original transfer) will be notified about the reversal and can either approve or reject this reversal with User Approval operation.
  • If approved, the reversal transaction will be executed, and the amount will be transferred back to the sender.
  • The customer will enter the Momo pin code once initiating and approving the reversal
  • If rejected, the sender will be notified. The reversal amount will be reserved on the account of the receiver for 90days from the initiated date.
  • A transaction can only be initiated once for Self-reversal as per 1 transaction ID.
  • A notification to be sent to the initiator of the Self versal when found the transaction already withdrawn/transferred from the receiver’s account.

To initiate a reversal, a customer can dial *182*7# and follow the prompts to complete the process.

Commenting on the development; Chantal Kagame-Chief Executive Officer, MTN Mobile Money Rwanda said: “We are taking additional, deliberate steps to provide our customers with better transactional solutions. We are combining the power of technology and our innovative spirit to solve customer challenges.

MoMo Self reversal is just but a fraction of a better future for our customers. We look forward to a continued positive trajectory of offering timely and impactful solutions."

About Mobile Money Rwanda Ltd

Mobile Money Rwanda Ltd is MTN Rwanda’s FinTech subsidiary, established on 27th April 2021 to provide and manage Mobile Money services in Rwanda.

The company has over 65,000 Mobile Money agents and over 85,000 MoMoPay merchants across the country.

The penetration of Mobile Money has seen a continuous rise with the enhancement of existing offerings such as MoMoPay, MTN m-Ticketing as a digital user-friendly ticketing solution, Tap&Go payments for bus services, Bill Payments, Bulk Payments, AgriTech services, Solar payments, Electricity purchase, Payment of Government services, Bank Push & Pull, MoKash Loans & Savings, and more.

The self reversal option will see customers initiate a reversal of own transfer without customer care involvement.

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