MTN MoMo customers to enjoy free transfers on Independence day

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MoMo Payment Service Bank, a subsidiary of MTN Nigeria, will offer customers 24 hours of free money transfers in celebration of Nigeria’s 65th Independence Day anniversary.

The offer runs from 12:00 AM to 11:59 PM on October 1 and is open to both new and existing customers. This comes after MoMo had previously waived transfer fees on transactions below ₦10,000 ($6.73) between July and September 2025. That arrangement will continue until the end of the year, but Independence Day provides a one-day extension to cover transfers of all amounts.

Nigeria remains MoMo’s largest market, and the company aims for customers to fully utilise the free service. The decision also reflects the rise of mobile money in the country. In 2025, mobile penetration has reached 87%, with over 200 million connections. However, only 44.4% of the population owns smartphones. Despite this gap, mobile money transactions rose by 20.3% in Q1 2025 to ₦20.7 trillion compared to Q1 2024. According to IMARC Group, Nigeria’s mobile money market is projected to grow at a compound annual growth rate (CAGR) of 19.2% from 2025 to 2033.

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“Independence Day is about freedom, unity, and resilience. By offering free transfers nationwide, we are celebrating Nigeria’s 65th anniversary in a way that directly impacts the lives of millions of people,” said Rosemary Aimankhu, Chief Commercial Officer at MTN Nigeria.

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The strategy of free transfers has helped rival neo-banks such as PalmPay and OPay gain millions of users. MoMo is also positioning itself with extra perks, including 2% cashback on airtime and data purchases, as well as zero charges on electricity tokens and cable TV payments.

“One thing we like to do is find simple ways to add value to everyday life. Independence Day is just one more moment to show that understanding,” Aimankhu added.

Customers can access the service by downloading the MoMo app from the App Store or Play Store, or by dialling *671# on MTN lines.

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