MTN Ghana, the country’s leading mobile money (MoMo) service provider, has implemented changes to fees and transaction limits that go into effect on March 1, 2024.
These changes will impact how much you pay for certain MoMo services.
According to the circular shared by the company, the daily limit for minimum accounts transactions have been increased from GHC 2000-GHC 3000, meaning members with minimum account type will now be able to have a daily transaction limit of GHC3000.
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Medium account holders will have their daily limits increased from GHC 10000- GHC 15000. Enhanced account holders also have their daily transaction limit increased from GHC15000- GHC 25000.
Changes in Transfer Fees on MTN Momo from March 2024
Previously, MTN MoMo charged a 1% fee on all transfers. With the updated fee structure, transfers below GHC 1000 will now be free. For transfers of GHC 1000 or above, the 1% fee still applies.
- Example: If you transfer GHC 1000, you’ll save GHC 10 as there’s no longer a transfer fee for this amount.
Changes in Cash-Out Fees on MTN Momo from March 2024
MTN MoMo has replaced some of its percentage-based cash-out fees with flat fees. Here’s the new breakdown:
- Cash-out of GHC 50 and below: Remains GHC 0.50
- Cash-out between GHC 50 – GHC 1000: Remains 1% of the amount
- Cash-out between GHC 1000 – GHC 2000: Now 1% of the amount (previously a flat fee of GHC 10)
- Cash-out of GHC 2000 and above: Now a flat fee of GHC 20
Let’s look at an example:
- Cashing out GHC 1500: You’ll now pay GHC 20 instead of the previous GHC 15 fee, resulting in a GHC 5 increase.
The impact of these changes on your MoMo costs depends on your typical transaction amounts. In many cases, you might end up paying less, especially for smaller transactions. However, for larger cash-outs, you might see an increase in fees.