Banking and Finance

Free MoMo: BoG Governor committed to technology in business – MTN

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As part of efforts to support Government’s intervention to control the spread of the COVID-19, MTN said its Mobile Money department has implemented incentives approved by the Bank of Ghana to enable customers adopt MoMo for financial transactions to minimize the risk posed by cash handling.

The incentives will take effect from 20th March and will end after three months.

MTN MoMo customers can send money transfers values up to GHS100 daily to MoMo wallets and other networks for free.

In addition to this, the daily transaction and wallet limits have been increased to create more convenience for customers. Customers with daily transaction limits 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, wallet limits and balances have been revised. Customers with limits of GHS1,000, GHS 10,000 and GHS 20,000 have been increased to GHS2000, GHS15, 000 and GHS 30,000 respectively.

Again, 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. 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.

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

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

He also cautioned customers to be aware of scammers and fraudsters. He reiterated the three Golden Rules for mobile money stating 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. He 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.

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.

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