Wager Mage
Wager Mage
Photo: Karolina Grabowska
Felix Kamenga, chief officer for mobile financial services at MTN South Africa, explained that to draw cash, MoMo users log into the MoMo app (or use USSD), select “cash-out” and then withdraw cash at a Nedbank ATM or retail point of sale.
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Read More »MTN South Africa said on Monday that users of its MoMo mobile money platform can now “cash out”, or withdraw funds, at Nedbank ATMs. The fees range from R10 for transactions of up to R1 000, R20 for transactions between R2 000 and R3 000 and R30 for transactions between R2 000 and R3 000, MTN said. Users can also withdraw cash at retailers such as Pick n Pay, Shoprite, Checkers, OK Foods and USave. Users can also withdraw cash at retailers such as Pick n Pay, Shoprite, Checkers, OK Foods and USave Felix Kamenga, chief officer for mobile financial services at MTN South Africa, explained that to draw cash, MoMo users log into the MoMo app (or use USSD), select “cash-out” and then withdraw cash at a Nedbank ATM or retail point of sale. “Once the SMS is received, they can go to any Nedbank ATM or any of the participating retail stores, and at a Nedbank ATM would select the Nedbank cardless withdrawal option and follow the instructions.”
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Read More »Before the withdrawal amount has been settled to your account, it is negative. This means that the withdrawable balance which is negative, is the amount which is still in the process of being settled (according to the rolling settlement).
Withdrawable balance is the amount of money you can transfer from the trading account to your bank account. Read more on withdrawable balance here. To know why the withdrawable balance is negative, you first have to know about the rolling settlement. In India, exchanges follow a rolling settlement cycle. If you sell stocks, you will be able to utilize the proceeds to buy other shares. However, funds from the sale proceeds get settled to your trading account after two trading days. Similarly, trades in the F&O segment get settled after one trading day. Learn more about rolling settlement here. You will be able to withdraw only the funds that have been settled to your account. Before the withdrawal amount has been settled to your account, it is negative. This means that the withdrawable balance which is negative, is the amount which is still in the process of being settled (according to the rolling settlement). Once it is settled, it is positive under the withdrawable balance, which is when you will be able to place a withdrawal request for this.
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