OPERATING PROCEDURES
a) The service facilitates the collection of funds from customers for payment of goods and services offered by the partner.
b) MoMo PSB shall (on its MoMo platform) create a collections account into which all funds collected will be held.
c) The Client can access the funds at any time once the transaction has been executed.
d) The client can opt for liquidation into their bank account or liquidate on their own from their collections account using other payment channels available on the MoMo PSB platform.
e) The Bank account liquidation service is accessible via the MoMo PSB Partner portal.
f) In case the client opts for liquidation into their bank account, the client’s bank details will be captured as part of the onboarding process by MoMo PSB.
g) The client can also use the MoMo USSD Short code *671# to move their funds to their pre-linked bank account using the USSD channel.
h) A report of all transactions performed by the partner is available on the partner portal. The report shows three months statement of all transactions performed. The partner is required to download monthly statements and keep for future reconciliation.
i) The Client shall be charged a fee per transaction on their collections’ account.
j) The applicable fees are deducted directly from the client’s account as and when transactions are processed.
k) The transaction fee structure is stipulated in Schedule 1 below.
l) The fees may be changed from time to time and will be communicated accordingly on such medium as MoMo PSB may deem appropriate.
m) Each transaction performed by the client’s customers shall be subject to the transactional limits applicable as determined by the Central Bank of Nigeria (CBN)
n) MoMo PSB may amend the provisions of this Transaction Procedure from time to time as and when required.
SCHEDULE 1: FEES
This Schedule shows the fees that shall be applicable to partners who use the Collections product.
DETAILS:
1) A Fee of between 1.5% shall be charged per transaction.
2) The fee shall be charged directly on the client’s collections account
3) MoMo PSB may revise the fees from time to time per business decision and duly communicate any changes to the client.
4) The fees can be negotiated between MoMo PSB and the client. For more information, please email us at Products@momopsb.com
5) There is no cost per API call.
