While using mobile money services, you should understand the charges involved in the transactions. You need to know the specific MTN mobile money charges you are expected to pay because this will give you an upper hand when using these services.
MTN money allows you to top up your airtime, buy insurance, pay for 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 that clients can access the services they pay for.
Most economies have been affected since the outbreak of the global pandemic, Covid-19. New measures have been adopted to ensure that the economy does not crash and revision of cash transfer charges has also been done. This article breaks down the charges and explains all you need to know about mobile money charges on withdrawals and cash transfers.
MTN mobile money charges 2020
After the outbreak and spread of Coronavirus, the global economy was at a threat. Therefore, most presidents and leaders had to ensure that the citizens were in a better financial position. Ghana was not left behind, and the president made some changes.
According to the directives provided by President Nana Addo Dankwa Akufo-Addo, mobile money users can send up to GHC 100 for free. However, there is a 100% up to 300% increase in the limits of the daily transaction for cash transactions. The charges on mobile money transactions of a hundred Ghana cedis (GHC 100) still stands at GHC 1.
With these MTN mobile money rates, any industry player is most likely making a significant amount of cash in profits. The telecom and partnering banks are reaping big in the mobile money business.
MTN mobile money charges in Ghana allows both the company and agents to make cash from the business. Without a significant amount of profit, the business would otherwise be useless.
MTN Ghana mobile money withdrawal charges
Before any mobile money transaction, you need to know how much is charged for the cash to be withdrawn. Some of the MTN MoMo withdrawal charges in Ghana are:
- For any withdrawal of between GH¢ 1 to GH¢ 50 using your MTN MoMo code, the client is deducted GH¢ 0.50.
- For any withdrawal above GH¢ 50, a fee of 1% is deducted from the money to be withdrawn.
- When sending any amount between GH¢ 1 to GH¢ 50, the sender is deducted GH¢ 2.50.
- For sending any amount more than GH¢ 50, the client is deducted 5% of the cash as fees.
MTN MoMo charges on agents
Being a MoMo agent comes with its benefits in terms of commissions. These agents interests rate acts as the source of profit for the agent. However, agents still feel that the commission they get for the mobile money services is still low.
They have been requesting this company to scale upwards so that they can make good cash out of the booming business. The MTN mobile money withdrawal charges, as mentioned above, is enough to allow both company and agents to earn significant amounts of cash to make profits.
Before signing up as an agent, you need to know the possible commission rates expected as payment. When you become an agent, you will receive some transaction benefits which are paid in terms of commission. The rewarding is done per every transaction the agent carries out, and it serves as the merchant’s profit.
MTN MoMo withdrawal charges Ghana agents' commission structure is as follows;
- Withdrawal between 1GHC and 50GHC charges 0.50GHC.
- Withdrawal exceeding 50GHC costs 1%GHC of the withdrawn amount.
READ ALSO: How to Bundle MTN Data in Ghana
MTN MoMo transfer charges
Although the MTN mobile money registration is free of charge, some cost is usually incurred when transferring money from your wallet to any of your desired destinations. The cost varies considerably, depending on the amount you want to transfer. Some of the standard transferring charges are:
- Between 1GHC and 50 GHC, the service fee is 2.50%
- Amount exceeding 50 GHC, the service fee is 5%
The charges are different when sending cash through your mobile phone. The costs are as follows;
- Between 1GHC and 50 GHC- 0.5% commission cost.
- Any amount above 50 GHC- 1%GHC.
READ ALSO: How to Check my Vodafone Number Ghana
You can also pay your bills using MTN mobile money transfer online at a flat rate of 2%. Although this percentage tends to reduce when the bill you are paying is small, the amount can never exceed 2%.
However, some transactions are exempted from the new revised mobile money transaction charges such as:
- Bill payments
- Financial Services
- General payments
Before transacting any amount using any mobile money service, it is essential to know the charges inclusive and all the MTN mobile money rates of the transaction. MTN mobile money charges are favourable and convenient for any MoMo user.
READ ALSO: Best way to send money to Ghana
Yen.com.gh recently reported about several ways of sending cash. Ensure that you are a registered MoMo user and have an active account. In Ghana, these services are offered by MTN Mobile Money, Airtel Money, Tigo Cash, and Vodafone Cash.
These mobile operators have spread their agents throughout the country hence making them accessible to all Ghanaians. The registration process for new customers is simple to make it easy for you to access your cash.