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MTN Nigeria to introduce fee on share and sell service

I don’t want to believe that the Nigeria telecom sector is also experiencing downturn?

No, impossible!. Upon all the money laundry allegations levelled against them (MTN in quote).

Nigerian largest telecommunication company is about to add to the myriad of predicaments experience by the masses by charging for share and sell services. According to a reliable source within the company, this service will go live from 31st January, 2017.

This honestly needs to be looked into by the regulatory body before it becomes a virus on its own within the whole telecom sector of the country.

Please find below the notification MTN Nigeria sent to its staff:

“This is to inform you of the change that will be implemented on share and sell transactions initiated by customer in the near future. The go live date will be communicated soon.

  1. All share and sell transactions performed by customers will attract an applicable transaction fee.
  2. Customers will still be able to perform share and sell but will pay a transaction fee for the service.
  3. The fee varies depending on the amount to be transferred.

Frequently Ask Questions (FAQ)

How much will be taken from my account anytime I want to transfer credit or airtime?

ANSWER: The transfer is dependent on the amount of credit or airtime to be
transfer.

How much transfer fee will I pay anytime I want to transfer credit or airtime from my phone?

ANSWER:  See Table below applicable
transfer fee on various transaction bands

Is the transfer fee fixed irrespective of the exact transfer fees to be deducted for each share and
sell transaction?

ANSWER: NO. The amount of transfer fee charged on each share and sell transactions
is not fixed but dependent on the categories stated in the table below.

Table showing applicable transfer fee on various transaction bands:

S/N Transaction Amount (Naira) Applicable
Transfer Fee (Naira)
1. 1 – 100 1
2. 101 – 500 2
3. 501 – 1000 5
4. 1001 – 5000 10
5. >5000 50

Note: Customer will be informed of the exact transfer fee to be deducted anytime they initiate a share and sell transaction.

This transfer fee will be deducted only when the customer confirms or accept to continue with the transaction after being informed of the amount to be deducted as transfer fees.

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