By John Chola

MTN Mobile Money (MoMo) Zambia has launched what it says is the most affordable international money transfer service in the market, allowing customers to send funds directly from their mobile wallets to bank accounts in Europe and Canada for as little as K5 per transaction.

The new service sharply undercuts traditional international transfer channels, where customers typically pay a minimum of about US$30 per transaction.

By slashing costs, MoMo is positioning itself to disrupt cross-border payments and enable Zambians to send smaller amounts abroad more frequently without prohibitive fees.

The service allows direct wallet-to-bank transfers to accounts in the European Union, the United Kingdom and Canada, making MoMo the first mobile money provider in Zambia to offer such capability into these markets.

Transfers can be completed instantly and securely using global banking identifiers such as SWIFT, IBAN, Sort Codes and Routing Numbers, via the MoMo App or the USSD code *115#.

MTN Mobile Money Zambia said the launch significantly expands its international remittance footprint beyond South Africa and India, where options have traditionally been limited.

It also marks a broader push to move MoMo beyond domestic payments into global financial services.

Chief Executive Officer Komba Malukutila said the service was designed to respond directly to customer demand for low-cost, fast and compliant international transfers.

“As the most affordable remittance service in Zambia, MoMo removes the high costs that have traditionally limited international money transfers, allowing customers to send money globally for as low as K5, whenever they need to,” Malukutila said.

The company said the service will support a wide range of international payments, including education fees, medical expenses, business transactions, trade and family support, while eliminating the need for physical bank visits or reliance on informal transfer channels that often involve higher costs and greater risk.

Outbound remittances from Zambia have historically been constrained by high fees, delays and regulatory complexity.

MoMo said it has addressed these challenges by integrating secure international payment rails that meet EBOP compliance requirements, ensuring transactions are regulated, transparent and fast.

The launch reinforces MTN MoMo Zambia’s strategy to build a more inclusive, borderless digital financial ecosystem and position itself as a comprehensive financial services partner for Zambians with global payment needs.

Customers can access the service immediately through the MoMo App or by dialing *115# and entering the required international bank details to complete transactions within minutes.