MTN MoMo Extends Free Transactions

Eli Hini

MOBILE MONEY Limited has extended the fee waiver on MoMo on-net transfers up to GH¢100 daily till Sept 30, 2020. The extension of the MTN and Bank of Ghana (BoG) Covid-19 initiative gives opportunity to MoMo customers to continue sending money transfer value up to GH¢100 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 BoG – customers with a daily limit of GH¢300 can still transact up to an amount of GH¢1,000, whereas those with daily limits of GH¢2,000 and GH¢5000 can transact with values of GH¢5,000 and GH¢10,000 respectively.

Also, customers with wallet balance limits of GH¢1,000, GH¢10,000 and GH¢20,000 can continue to hold up to GH¢2,000, GH¢15,000 and GH¢30,000 respectively in their wallets. Again, customers with monthly aggregate transaction limits of GH¢20,000 and GH¢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 MoMo transactions, the General Manager for Mobile Money Limited, Eli Hini, indicated that the MoMo waivers had 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.”

“We are looking forward to a further increase in transactions for various payments in this period of the extension and the on-boarding 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 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.

A business desk report

Tags: ,