MTN MoMo Extends Free Transactions And Revised Limits To September 30

MobileMoney Limited has extended the fee waiver on MoMo on-net transfers up to GHC100 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 GHC100 daily to MoMo wallets for free.

A statement issued in Accra and signed by Mr Samuel Koranteng, Corporate Services Executive, MTN said, however, transactions on interoperability would attract normal charges.

It said apart from the free transactions, the revised limits on daily transactions and wallet balances would remain the same as approved by Bank of Ghana as follows: customers with a daily limit of GHC300 could still transact up to an amount of GHC1, 000, whereas, those with daily limits of GHC2, 000 and GHC5000 can transact with values of GHC5, 000 and GHC10, 000 respectively.

Also, customers with wallet balance limits of GHC1, 000, GHC10,000 and GHC20,000 could continue to hold up to GHC2, 000, GHC15, 000 and GHC30,000 respectively in their wallets.

"Again, customers with monthly aggregate transaction limits of GHC20, 000 and GHC50,000 will continue to enjoy unlimited access," it added.

The statement said in view of the extension, customers, who do not have access to MoMo service could also 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.

Mr Eli Hini, the General Manager for MobileMoney Limited, remarking on the extension of the waivers of Mobile Money transactions, said that the MoMo waivers have contributed significantly to deepening financial inclusion.

He said, “We have seen an increase in transaction volumes over the period of persons using MoMo for different purposes including; shopping, payments, religious and other social contributions such as tithes, offerings, and wedding gifts and so on."

He said they were excited about the fact that the Central Bank approved for the extension to reduce the level of cash transactions, especially in this period of COVID-19.

“We are looking forward to a further increase in transactions for various payments in this period of the extension and the onboarding of new subscribers who are yet to experience the convenience MoMo presents in this era where limited movement and personal interaction is encouraged," he added.

The waiver on MoMo transactions was first implemented on March 20, 2020 as part of efforts to support Government’s intervention to control the spread of the COVID-19 through the adoption of MoMo for financial transactions and to minimize the risk posed by cash handling.

Mr Hini said 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.

He said customers should observe the three Golden Rules for mobile money and should at no point disclose their pin codes or allow others to make transactions on their behalf, avoid calls that seek to discuss their wallets or respond to promotions they have not participated in.

“Customers are encouraged to crosscheck with MTN to verify any details before they take any action on their MoMo wallet. It is important to note that no fraud on MTN MoMo will be successful without the active participation of the customer.

“MTN remains committed to making the lives of our customers a whole lot brighter through the delivery of bold new digital services to our customers,” he added.

Source: GNA