Mobile Money Rwanda Ltd has unveiled MoMo Self reversal option, a feature that will enable Mobile Money customers to instantly reverse money to avoid cash-out by a wrong recipient.
The move will see customers initiate a reversal of own transfer without customer care involvement.
The MoMo Self reversal grants customers autonomy and flexibility to self-service.
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✔ A notification to be sent to the initiator of the Self versal when found the transaction already withdrawn/transferred from the receiver’s account.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.
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.”
The service has come after several cases of fraudulent transactions and on customers accounts either by MTN agents or ransom fraudsters.
Even though the service is widely lauded as a good solution, the 90days threshold once a reversal is rejected has not received positive feedback.
“Imagine waiting for three months to get your money back! That was not a well thought out option, we hope it will be revised,” a source who runs a fintech said.
