MTN mobile money charges: MoMo withdrawal & transfer costs as of 2024
While using mobile money services, you should understand the charges involved in the transactions. Knowing MTN mobile money charges can help you track your mobile money transfer and withdrawal expenses.
Source: UGC
TABLE OF CONTENTS
- MTN mobile money charges in 2024
- What transactions fall under the E-levy?
- Is MTN mobile money the same as MoMo?
- How does MTN MoMo work in Ghana?
- Where can you withdraw money from MTN MoMo?
- How can you withdraw money from MTN mobile money in Ghana?
- How can you reverse MTN mobile money in Ghana?
This article breaks down the charges and explains all you need to know about mobile money charges on withdrawals and cash transfers. The MTN mobile money rates enable the company and MoMo agents to generate revenue and profits. Without a significant profit, this mobile money transfer business may not thrive. Eventually, both MTN and the agents might have to opt out of this business.
MTN mobile money charges in 2024
MTN mobile money allows you to top up your airtime, buy insurance, and pay bills such as DStv and school fees. Also, you can conveniently receive and send cash through MoMo. In partnership with the Bank of Africa, the MTN partners ensure clients can access the services they pay for. With that in mind, find out the current MTN mobile money charges in Ghana below:
MTN Ghana mobile money withdrawal charges
Before making mobile money transactions, know how much you will be charged. The following MTN mobile money withdrawal charges chart explains how much MoMo customers pay when withdrawing money:
| Cash-out (GHC) | Fee (GHC or percentage) |
| >50 | 0.50 |
| 50 – 1,000 | 1% |
| 1,000 – 2,000 | 10 |
| 2,000 & above | 20 (flat) |
- For any withdrawal between GHC 1 and GHC 50, you are deducted GHC 0.50 from the amount.
- For any withdrawal between GHC 50 and GHC 1,000, MTN deducts 1% of the money.
- For any withdrawal between GHC 50 and GHC 1,000, MTN deducts GHC 10 from the amount.
- For any withdrawal of GHC 2,000 and above, MTN deducts GHC 20 (flat rate) from the amount.
MTN MoMo withdrawal commissions for Ghana agents
As a MoMo agent, you earn a commission on every withdrawal transaction you make for a client. The following MTN charges chart explains how much commission agents get:
| Cash-out (GHC) | Agent commission (GHC or percentage) |
| >50 | 0.20 |
| 50 – 1,000 | 0.4% |
| 1,000 – 2,000 | 0.4% |
| 2,000 & above | 8 (flat) |
- For any withdrawal between GHC 1 and GHC 50, the agent gets a GHC 0.20 commission.
- For any withdrawal between GHC 50 and GHC 1,000, the agent gets a 0.4% commission.
- For any withdrawal between GHC 50 and GHC 1,000, the agent gets a 0.4% commission.
- For any withdrawal of GHC 2,000 and above, the agent gets a GHC 8 (flat rate) commission.
What is the limit of MTN mobile money?
MTN Ghana has transaction limits for MoMo agents and customers. The limit depends on the agent tier group or the customer account group you are in. Nonetheless, some MoMo customers and agents do not have transaction limits.
Customer transaction limits
MTN Ghana has the following transaction limits for MoMo customers:
| KYC account type | Daily transaction limit (GHC) | Maximum account balance limit (GHC) | Monthly transaction limit (GHC) |
| Minimum KYC | 3,000 | 5,000 | 10,000 |
| Medium KYC | 15,000 | 40,000 | Unlimited |
| Enhanced KYC | 25,000 | 75,000 | Unlimited |
Agent transaction limits
MTN Ghana has the following transaction limits for MoMo agents:
| Agent profile | Wallet limit (GHC) | Daily transaction limit (GHC) | Monthly transaction limit (GHC) |
| Tier 1 | 1,000,000 | 200,000 | 700,000 |
| Tier 2 | 10,000,000 | 1,000,000 | 10,000,000 |
| Tier 3 | 30,000,000 | No Limit | 30,000,000 |
| Tier 4 | No Limit | No Limit | No Limit |
MTN mobile money sending charges
Although MTN mobile money registration is free of charge, transferring money from your wallet to your desired destination within Ghana. The cost varies considerably, depending on the amount you want to transfer.
MTN mobile money transfer charges when using a MoMo agent
The MTN MoMo transfer charges when using a MoMo agent are as follows;
| Transfer amount (GHC) | Charges (GHC or percentage) |
| 1 – 50 | 2.50 |
| Over 50 | 5% |
- If you send GHC 1 to GHC 50 through a MoMo agent, the service fee is 2.50%.
- For any amount exceeding GHC 50 you send through a MoMo agent, the service fee is 5%.
MTN mobile money transfer charges when using your mobile phone
The MoMo money transfer charges when using your mobile phone are as follows;
| Transfer amount (GHC) | Charges (GHC or percentage) |
| 1 – 50 | 0.5 |
| Over 50 | 1% |
- If you send GHC 1 to GHC 50 via your mobile phone, the service fee is 0.5%.
- For any amount exceeding GHC 50 you send via your mobile phone, the service fee is 1%.
You can also pay your bills online using MTN MoMo transfer at a flat rate of 2%. Although this percentage tends to reduce when the bill you are paying is small, the amount can always be 2% at most.
Merchant-to-merchant and agent-to-merchant transfer fees
| Type of transaction | Proposed fees | Comments |
| Merchant-to-merchant | 0.5% capped at GHC 5,000 | The nano segment is exempted |
| Agent-to-merchant | 0.5% capped at GHC 5,000 | Agents will earn 40% of fees as cash-incommission |
What are the charges for MTN MoMo pay?
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The E-Levy charges/rate is 1.5% for MTN mobile money and any other electronic money transfers in Ghana (Vodafone Cash, AirtelTigo Money, Zeepay, GCB G-Money, Yup Ghana, etc.), apart from those excluded by law.
What transactions fall under the E-levy?
The taxes apply to any transfer to or from a mobile money account or a person's bank account. These include:
- Transfers done via the same mobile money network.
- Transfers of funds from one mobile money network to another.
- Transfers of funds from a bank account to a mobile money account.
- Transferring funds from a mobile money account to a bank account.
- Bank transfers on an instant payment platform or application originate from an individual's bank account.
Source: UGC
Is MTN mobile money the same as MoMo?
MTN Mobile Money (MTN MoMo) is a secure electronic service that allows wallet holders to store funds, send and receive money, make payments, and perform various other tasks using their mobile phones.
How does MTN MoMo work in Ghana?
It keeps funds secure in an electronic account linked to an MTN mobile phone number. Before sending money, one must ensure the recipient has a registered MTN MoMo account before sending money to them.
Where can you withdraw money from MTN MoMo?
Withdraw cash from the ATMs or MTN agents using a cash-out voucher/code.
How can you withdraw money from MTN mobile money in Ghana?
Visit an ATM and dial *170#, enter 5 for Financial Services, 1 for Bank Service, 3 for ATM Cash Out, and 1 to Generate Token. After that, enter the four-digit Secret Code, amount, and your MoMo PIN. You receive a notification for a successful transaction and cash out money from the ATM.
How can you reverse MTN mobile money in Ghana?
Dial *165# and choose the option for reversing money. Enter your MoMo PIN for account verification, and you will receive a notification that the funds have been blocked. Call the MTN CustomerCare by dialing 100 within six days to complete the reversal.
Knowing the MTN MoMo rates and transactions is essential before using the mobile money service. MTN mobile money charges are favorable and convenient for any MoMo user.
DISCLAIMER: This article is not sponsored by any third party. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
Yen.com.gh published various methods of transferring money from Nigeria to Ghana. There are several digital platforms for transferring funds among African countries.
MoneyGram is among the most legitimate platforms for transferring funds among African countries, including Nigeria and Ghana. You can send money via the MoneyGram mobile wallet.
Source: YEN.com.gh
