MTN increases daily withdrawals, wallet balance on Mobile Money

MTN Ghana has increased how much cash customers can withdraw from their mobile money wallets on daily basis.

The company has also increased the amount of money various categories of customers can hold on their wallet.

This is in addition to the free transfers of up to GHC100 daily over the next three months, as directed by the Bank of Ghana as part of measures to prevent the spread of COVID-19.

A statement from MTN said the implementation of the new incentives approved by the Bank of Ghana is to enable customers to adopt MoMo for financial transactions in order to minimize the risk posed by cash handling.

The incentives, which take effect from March 20, 2020, means for those who had daily transaction limit of GHS300 can now transact with an amount of GHS1000, whereas limits of GHS2000 and GHS5000 have been increased to GHS5,000 and GHS10, 000 respectively.

Also, customers with wallet limits of GHS1,000, GHS 10,000 and GHS 20,000 have been increased to GHS2,000, GHS15,000 and GHS30,000, respectively.

The company also said in a statement that to create more convenience for customers to transact with high values, there has been an increase in the monthly aggregated value of transactions for customers with limits of GHS3,000 to GHS6,000, while monthly limits of GHS20,000 and GHS 50,000 will now have unlimited access.

“Additionally, MTN MoMo would put in place measures to allow customers who do not have the requirements to have access to MoMo service to do so and enjoy the convenience of cashless transactions on MTN MoMo,” it said.

General Manager for MTN Mobile Financial Services, Eli Hini, expressed appreciation to the Central Bank for demonstrating its commitment to use technology as a means to reduce cash transactions in the economy.

He called on all customers to take advantage of incentives, enjoy the convenience of financial intermediation via MTN MoMo and reduce person to person interaction in this period of managing the spread of COVID-19 pandemic

Eli Hini also cautioned customers to be aware of scammers and fraudsters, reiterating the three Golden Rules for mobile money; that at no point should customers disclose their pin codes, allow others to make transactions on their behalf.

He also advised customers not to entertain calls to discuss their wallets or respond to promotions they have not participated in.

Eli Hini also encouraged customers 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,” he said.