The leading telecommunications network in the mobile money ecosystem, MTN MoMo, has increased the daily and monthly transaction limits for all account types, effective Friday, March 1, 2024.
MTN MoMo in a statement sighted by 3News, has raised the daily transaction limit for minimum accounts from GHc2,000 to GHc3,000. Also, the medium account types’ daily limit was increased from GHc10,000 to GHc15,000.
The enhanced account types that used to have a daily limit of GHc15,000 have also been increased to GHc25,000.
Moreover, the minimum amount clients could have in their accounts has also been adjusted. The new limits are GHc5,000, GHc40,000, and GHc75,000 for Minimum, Medium, and Enhanced account types, respectively.
The monthly transaction limit for the Minimum account type is now GHc10,000.
However, the Medium and Enhanced account types are unlimited.
Also, the new limits for mobile money agents’ wallets for Tier 1, Tier 2, Tier 3, and Tier 4 are GHc1 million, GHc10 million, GHc30 million, and No Limit, respectively.
Meanwhile, the daily transaction limit for Tier 1 MoMo agents remained unchanged, which is GHc200,000. Tier 2 was increased to GHc1 million, while Tier 3 and 4 are unlimited.
The monthly transaction limit for agents also saw Tier 1 increase to GHc700,000, Tier 2 to GHc10 million, and Tier 3 to GHc30 million. Tier 4 is now unlimited.
Also, MTN MoMo placed a GHc20 flat cap on subscriber cash-outs from GHc2,000 and above.
Meanwhile, the new agent commission on transfers from GHc2,000 and above is GHc8.
According to MTN MoMo, the adjustment is “in line with our ambition of supporting the sustainable growth of the Mobile Money Ecosystem.”
“They are aimed at enhancing our customer experience, ensuring a sustainable growth of the ecosystem and to further help our agents sustain their businesses,” it added.
The company, therefore, entreated all its agents to comply with the new directive, emphasising that “any agent found going contrary to the above-stipulated fees will be subjected to our sanctions and disciplinary procedure.”