U-Mo Mobile Money e-wallet account types
Mobile money services are the current trend in the banking sector. Afripay, a member of the UBA group is not left out in this with the introduction of U-Mo. The U-Mo mobile money service supports three types of accounts. These accounts are referred to as U-Mo e-wallets and they vary in terms of their target market, per transaction limit, daily transaction limits and the documentation required for registration. The three types of U-Mo mobile money accounts are U-Mo Silver, U-Mo Gold, and U-Mo Platinum.
U-Mo Silver Mobile Money e-wallet
Out of the three account types, this can be more easily obtained because It requires no form of documentation and identification for registration. The only requirement is to fill a form providing details that include; name, address, sex, occupation and phone number. U-Mo Silver can also be called a service for the masses. This service is suitable for students, small scale businesses and the general public.
Characteristics of the U-Mo Silver are;
– A single transaction limit of N3,000. This means that with the U-Mo Silver account the maximum amount you can spend on a single transaction is N3,000 either for purchases or transfer.
-A daily transaction limit of N30,000. This means that total sum of your daily transactions on your U-Mo mobile money e-wallet can not exceed N30,000 in a day.
In summary, you have a limit of N3,000 per transaction, but you can carry out multiple transactions per day that can not totally exceed N30,000.
U-Mo Gold Mobile Money e-wallet
The U-Mo Gold can be classified as a mid-range account. It is available to everyone who needs to carry out transactions that will exceed N3,000 because it has a higher per transaction and daily transaction limit. it requires more documentation for registration.
Characteristics of the U-Mo Gold are;
-A single transaction limit of N10,000. This means that you can spend up to N10,000 per transaction from your mobile money e-wallet.
-A daily transaction limit of N100,000. That is, the cummulative sum of all your transactions in a day can not exceed N100,000.
As earlier stated, the Gold mobile money e-wallet requires more documentation but If you have a savings account with any bank in Nigeria, all you need to do is provide your account number to avoid further documentation. In the case that you do not have a savings account, you will be required to provide documents just as when opening a savings account.
U-Mo Platinum Mobile Money e-wallet
The U-Mo Platinum is the preffered option for people who require higher transaction levels. U-Mo platinum is a premium account type and can also be used by SMEs to pay staff salaries via mobile pay.
Characteristics of the U-Mo Platinum are;
– A single transaction limit of N100,000. The U-Mo platinum allows you to perform transactions of up N100,000.
-A dail transaction limit of N1,000,000. All daily transactions made from the U-Mo platinum can not exceed N1,000,000.
Documentation for the Platinum mobile money e-wallet is more than the Gold account but if you have a current account with any bank in Nigeria, all you need to do is to provide your account number to avoid further documentation. In the case that you do not have a current account, you will be required to similar documents to those required to open a current account.
Having read through this, you can now choose the U-Mo mobile money e-wallet that suits you.
