MTN MoMo extends free transactions, revise limits

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Eli Hini, General Manager, MTN Mobile Money Limited

MTN Mobile Money Limited has extended the fee waiver on MoMo on-net daily transaction limit and wallet balance till Sept 30, 2020.

The free transfer of GHC100 a day plus the upward revision of amounts customers can transfer and cash out in a day, was a Bank of Ghana initiative implemented by all telcos running mobile money service. It was to last for three months.

A statement from MTN however said it is adding three extra months of free transfer plus the revised values and wallet limits will remain the same as follows:

Customers with a limit of GHS300 can still transact with an amount of GHS1, 000, whereas limits of GHS2, 000 and GHS5000 can transact with values of GHS5, 000 and GHS10, 000 respectively.

Again, customers with limits of GHS1, 000, GHS 10,000 and GHS 20,000 can continue to transact in values of GHS2, 000, GHS15, 000 and GHS 30,000 respectively, while those with monthly 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 use their validated registration data for telecom service to activate minimum KYC wallets (Tier 0) and enjoy the convenience of cashless transactions on MTN MoMo,” the statement said.

Remarking on the extension of the waivers of Mobile Money transactions, the General Manager for MTN Mobile Financial Services, Eli Hini noted 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.

Eli Hini said “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 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, MTN is cautioning MoMo customers to remain cautious about the activities of scammers and fraudsters who make use of the slightest opportunity to defraud customers.

The statement said 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.

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