MTN revises mobile money transaction

As part of efforts to support Government’s intervention to control the spread of the Coronavirus Disease (COVID-19), MTN Mobile Money (MoMo) has implemented some incentives to enable customers adopt MoMo for financial transactions.

The initiative, approved by the Bank of Ghana would minimize the risk posed by handling cash.

A statement signed and copied to the Ghana News Agency in Accra by Mr Samuel Koranteng, the Corporate Services Executive of the company, said the incentives would take effect from March 20 and end after three months.

With the new service, users could send money valued up to GH¢100.00 daily to MoMo wallets and other networks for free.

In addition, the daily transaction and wallet limits have been increased to create more convenience for customers.

Customers with daily transaction limits of GH¢300.00 can now transact with an amount of GH¢1000.00 whereas limits of GH¢2000.00 and GH¢5000.00 have been increased to GH¢5,000.00 and GH¢10000.00 respectively.

Also, wallet limits and balances have been revised. Customers with limits of GH¢1,000.00 GH¢10,000.00 and GH¢20,000.00 have been increased to GH¢2000.00 GH¢15,000.00 and GH¢30,000.00 respectively.

The statement said to create more convenience for customers to transact with high values, there had also been an increase in the monthly aggregated value of transactions with limits of GH¢3,000.00 to GH¢6000.00.

Monthly limits of GH¢20,000.00 and GH¢50,000.00 will now have unlimited access.

It said MTN MoMo would institute measures to allow customers who did not have the requirements to have access to MoMo service to do so and enjoy the convenience of cashless transactions.

The statement quoted Mr Eli Hini, the General Manager for MTN Mobile Financial Services, as having expressed his appreciation to the Central Bank for demonstrating its commitment to promote technology in the quest to reduce cash transactions.

He called on customers to take advantage of the incentives and reduce person to person interaction in order to manage the spread of COVID-19 pandemic.

He also cautioned customers against scammers and fraudsters.

Mobile money customers were advised not to disclose their pin codes or allow others to make transactions on their behalf.

They were cautioned against entertaining calls to discuss their wallets or respond to promotions.

Mr Hini encouraged customers to crosscheck with MTN any details before taking action on their MoMo wallet.

MTN MoMo has 14 million registered subscribers and works with 18 partner banks and more than 124, 000 agents nationwide.

The statement said by the end of first quarter of 2019, 411 million transactions had been done on the MoMo platform and between 2016 and 2018, GH¢139 million was paid as Interest to more than 10 million customers.