Free Transactions For MTN MoMo Extended, Limits Also Revised

Eli Hini

MobileMoney Limited has extended the fee waiver on MoMo on-net transfers up to Ghs100 daily till Sept 30, 2020.

The extension of the MTN and Bank of Ghana COVID-19 initiative gives the opportunity to MoMo customers to continue sending money transfer value up to GHS100 daily to MoMo wallets for free. However, transactions on interoperability will attract normal charges.

Apart from the free transactions, the revised limits on daily transactions and wallet balances will remain the same as approved by Bank of Ghana as follows: Customers with a daily limit of GHS300 can still transact up to an amount of GHS1, 000, whereas those with daily limits of GHS2, 000 and GHS5000 can transact with values of GHS5, 000 and GHS10, 000 respectively. Also, customers with wallet balance limits of GHS1, 000, GHS 10,000 and GHS20,000 can continue to hold up to GHS2, 000, GHS15, 000 and GHS30,000 respectively in their wallets. Again, customers with monthly aggregate transaction limits of GHS20, 000, and GHS 50,000 will continue to enjoy unlimited access.

In view of the extension, customers who do not have access to MoMo service can also continue to use their validated registration data for telecommunications service to activate minimum KYC wallets (Tier 0) and enjoy the convenience of cashless transactions on MTN MoMo.

Remarking on the extension of the waivers of Mobile Money transactions, the General Manager for MobileMoney Limited, Mr. Eli Hini indicated that the MoMo waivers have contributed significantly to deepening financial inclusion. He said, “We have seen an increase in transaction volumes over the period of persons using MoMo for different purposes including shopping, payments, religious and other social contributions such as tithes, offerings, and wedding gifts and so on. We are excited about the fact that the Central Bank approved for the extension to reduce the level of cash transactions especially in this period of COVID-19.”

“We are looking forward to a further increase in transactions for various payments in this period of the extension and the onboarding of new subscribers who are yet to experience the convenience MoMo presents in this era where limited movement and personal interaction is encouraged”, he added.

The waiver on MoMo transactions was first implemented on March 20 as part of efforts to support the Government’s intervention to control the spread of the COVID-19 through the adoption of MoMo for financial transactions and to minimize the risk posed by cash handling.

As the waivers have been extended MoMo customers should remain cautious about the activities of scammers and fraudsters who make use of the slightest opportunity to defraud customers. Some of the schemes identified include Money Doubling schemes, fake promotion, false reversal approach and the creation of messages and Apps usually disguised as COVID-19-related messages.

Customers should observe the three Golden Rules for mobile money. Customers should at no point disclose their pin codes or allow others to make transactions on their behalf, avoid calls that seek to discuss their wallets or respond to promotions they have not participated in. Customers are encouraged to crosscheck with MTN to verify any details before they take any action on their MoMo wallet. It is important to note that no fraud on MTN MoMo will be successful without the active participation of the customer.

MTN remains committed to making the lives of our customers a whole lot brighter through the delivery of bold new digital services to our customers.

About MTN Ghana/MobileMoney Ltd

MTN Ghana is the market leader in the increasingly competitive mobile telecommunications industry in Ghana, offering subscribers a range of exciting options under Pay Monthly, Pay As You Go Services and Mobile Financial services. MobileMoney Ltd is a subsidiary of MTN Ghana responsible for Mobile Financial Services. Launched in 2009 with less than 100,000 MTN MoMo has 14 million registered subscribers. MTN MoMo works with 18 partner banks and more than 124, 000 agents across the country. By the end of quarter one of 2019, 411million transactions had been done on the MoMo platform. Between 2016 and 2018 a sum of GHS 139million cedis was paid as Interest to over 10 million customers. For further information, visit www.mtn.com.gh.