MTN MoMo has implemented the Bank of Ghana (BoG) approved increase in daily and monthly transaction limits as well as maximum wallet balances.

The wallet transaction limit increase will facilitate efficient payments, encourage greater seamless transition into a Cash-lite society and promote more digital payments.

Customers with Daily Transaction Limits of GHC 1,000, GHC5,000 and GHC10,000 have had their limits increased to GHC2,000, GHC10,000 and GHC15,000 respectively.

Additionally, Account balance limits of GHC2,000, GHC15,000 and GHC 30,000 have been increased to GHC3,000, GHC30,000 and GHC 50,000 respectively.

Further to these increases, monthly transaction limits for customers with Medium and Enhanced KYC are limitless while customers with Minimum KYC have a limit of GHC 6,000.

Acting MOMO CEO:

The Ag. CEO of MobileMoney Limited, Mr. Shaibu Haruna expressed his delight over the upward reviews approved by the BoG, following engagements  to assess the possibilities of reviews to enhance digital payments and ultimately drive the Cash -lite agenda.

He said, “MML following the approval has gone ahead to implement the directives to ensure that our customers enjoy the convenience of doing various transactions such as the Money Transfer, Bill Payments, receive Remittances, Buy Insurance, Buy Shares, Payment of school fees as well as general goods and services.”

“We are calling on all customers to take advantage of the enhancement in wallet size to grow their transactions and improve their livelihoods.”

Details:

The upward reviews have been activated for all MoMo subscribers.

However, Customers who require further enhancements on their wallet are required to provide any of the following documents:

• Utility Bill in customer’s name,

• Bank Statement,

• Registered Tenancy Agreement,

• Letter from your employer.

• Tax Certificate

The document should be presented at any MTN Service Centre or engage MTN Ghana through its digital channels: Twitter: @MTNGhana or @AskMTNGhana; Facebook: MTN Ghana.

Background:

MobileMoney Ltd is a subsidiary of MTN Ghana responsible for Mobile Financial Services. Launched in 2009, MTN MoMo has 17 million registered subscribers.

MTN MoMo works with 19 partner banks, All the PSPs and more than 280,000 Agents as well as over 240,000 Merchants across the country.

Between 2016 and Q3 2022 a sum of GHS 614million cedis was paid as Interest to over 15.7 million customers.

BY Michael Ofosu-Afriyie 

Kumasi