MTN Extends Fee Waiver on MoMo Transfers of up to GHS100 for Another 3 Months

MTN Ghana has extended the fee waiver on its mobile money transfers of up to One hundred Ghana cedis by three more months. Mobile money transfers of up to 100 Ghana cedis fee waiver which ended on June 30, 2020 has been extended by MTN Ghana for another 3 months. 

The extended offer is expected to end on Wednesday, September 30, 2020. 

“Mobile Money 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 opportunity to MoMo customers to continue sending money transfer value up to GHS100 daily to MoMo wallets for free,” MTN stated in a press statement. 

The General Manager for Mobile Money Limited, Mr Eli Hini, indicated that the MoMo waivers have contributed significantly to deepening financial inclusion. 

Background 

In March 2020, MTN announced that it will not charge the transfer of money from MTN to MTN and MTN to other networks (interoperability transfers) of up to 100 Ghana cedis. 

This initiative was a part some efforts to encourage the use of cashless transactions to reduce the handling of physical cash to fight the coronavirus pandemic.  

Meanwhile, interoperability transactions (transferring money from MTN to other networks), will attract normal charges. 

The increased daily transaction limits continue 

In addition to extending the fee waiver, MTN says the revised limits on daily transactions and wallet balances on mobile money will remain the same as approved by Bank of Ghana in March 2020. 

“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.”  

“Customers with monthly aggregate transaction limits of GHS20, 000 and GHS 50,000 will continue to enjoy unlimited access.” 

MTN also announced that customers who do not have access to MoMo service can 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. 

Furthermore, MTN advised users of mobile money against falling victim to fraud. 

“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.”