Which of the following is not true about Mobile Money Identifier (MMID)?
1
Mobile Money Identifier (MMID) is a seven-digit number, issued by banks for effecting financial transactions through the user’s mobile phone.
2
The user’s mobile number MMID are uniquely linked with his bank account number, and is one of the key inputs to facilitate fund transfer.
3
Both the remitter and the beneficiary are required to have their MMIDs to effect a fund transfer through the mobile phone.
4
A unique MMID and mobile number combination helps in identifying the beneficiary’s details. A single MMID can be linked to a mobile number.
5
To receive an MMID, the user is required to approach his bank and follow the necessary procedure for obtaining the number.