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.
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MTN 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 that clients can access the services they pay for. 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
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What are the MTN Mobile Money charges? 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 daily transaction limits for cash transactions. The charges on mobile money transactions of a hundred Ghana cedis (GHC 100) still stand 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.
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MTN Mobile Money charges in Ghana allow 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Before any mobile money transaction, you need to know how much is charged for the cash to be withdrawn.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:
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- For any withdrawal between GHC 1 to GHC 50 using your MTN MoMo code, the client is deducted GHC 0.50.
- For any withdrawal above GHC 50, a fee of 1% is deducted from the money to be withdrawn.
- When sending any amount between GHC 1 to GHC 50, the sender is deducted GHC 2.50.
- For sending any amount more than GHC 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' interest rates act as the agent's source of profit.
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 commission. The reward is done per every transaction the agent carries out and serves as the merchant's profit.
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MTN MoMo withdrawal charges Ghana agents' commission structure is as follows;
- Withdrawal between GHC 1 and GHC 50 charges GHC 0.50
- Withdrawal exceeding GHC 50 costs 1%GHC of the withdrawn amount.
MTN MoMo transfer charges
Although 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 GHC 1 and GHC 50, the service fee is 2.50%
- Amount exceeding GHC 50, the service fee is 5%
The charges are different when sending cash through your mobile phone. The costs are as follows;
- Between GHC 1 and GHC 50 - 0.5% commission cost.
- Any amount above GHC 50 - 1% GHC.
You can also pay your bills using MTN MoMo 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%.
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However, some transactions are exempted from the new revised mobile money transaction charges, such as:
- Subscriber-to-agent
- Subscriber-to-merchant
- Merchant-to-merchant
- Agent-to-agent
- Agent-to-merchant
- Bill payments
- Cash-out
- Financial services
- General payments
MTN Mobile Money charges list in Ghana
What are the charges of MTN Mobile Money? Below is the MTN Mobile Money charges list for various services.
Transaction points for subscribers
Below is a table for the transaction points for subscribers.
| Services | Minimum value in GHC | Maximum value in GHC | MoMo charges in GHC/percentage | Tax charge |
| Money transfer (P2P) | 1 | 50 | 0.38 | 1.50% |
| Above 50 | 1000 | 0.75% | 1.50% | |
| Above 1000 | N/A | 7.50 | 1.50% | |
| Money transfer to merchants (MSISDN) | 1 | 50 | 0.50 | N/A |
| Above 50 | 1000 | 1% | N/A | |
| Above 1000 | N/A | 10 | N/A | |
| MoMo pay (Merchant ID & QR) | 1 | 1000 | 0.5% | N/A |
| Above 1000 | N/A | 5 | N/A | |
| Money transfer (A2C) | 1 | 50 | GHS1.5 | N/A |
| Above 50 | 1000 | 3% | N/A | |
| Above 1000 | N/A | 30 | N/A | |
| Transfer to other networks | 1 | 50 | 0.38 | 1.50% |
| Above 50 | 1000 | 0.75% | 1.50% | |
| Above 1000 | N/A | 7.50 | 1.50% |
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Transaction points for merchants
Below is a table for the transaction points for merchants.
| Services | Minimum value in GHC | Maximum value in GHC | MoMo charges in GHC/percentage | Tax charge |
| Money transfer from merchant to agent | 1 | 1000 | 1% | N/A |
| Above 1000 | N/A | 10 | N/A | |
| Money transfer from merchant to a subscriber | N/A | N/A | Free | N/A |
| Money transfer from merchant to merchant | N/A | N/A | Free | N/A |
Transaction points for bill payment
Below is a table for the transaction points for bill payment.
| Services | Minimum value in GHC | Maximum value GHC | MoMo charges in GHC/percentage | Tax charge |
| Airtime top-up | 1 | 100 | Free | N/A |
| Postpaid | N/A | N/A | Free | N/A |
| GoTV (Agent) | 1 and above | - | GHS1 | N/A |
| GoTV (Subscriber) | 1 and above | - | 0.50 | N/A |
| DSTV (Subscriber) | N/A | N/A | Free | N/A |
| DSTV(Agent) | N/A | N/A | Free | N/A |
| ECG (Subscriber) | N/A | N/A | 0.50 | N/A |
| ECG (Agent) | N/A | N/A | 0.50 | N/A |
| Ghana water (Agent) | N/A | N/A | Free | N/A |
| Ghana water (Subscriber) | N/A | N/A | Free | N/A |
| Box office | N/A | N/A | Free | N/A |
| Startimes | N/A | N/A | Free | N/A |
| School fees (Agent) | N/A | N/A | 2 | N/A |
| School fees (Subscriber) | N/A | 2 | N/A |
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Transaction points for agents
Below is a table for the transaction points for agents.
| Services | Minimum value in GHC | Maximum value in GHC | MoMo charges in GHC/percentage | Tax charge |
| Money transfer (C2C) | 1 | 50 | 2.5 | N/A |
| Above 50 | 1000 | 5% | N/A | |
| Above 1000 | - | 50 | N/A | |
| Cash in | 1 | N/A | Free | N/A |
| Cash out | 1 | 50 | 0.5 | N/A |
| More than 50 | N/A | 10 | N/A | |
| More than 1000 | N/A | 10 | N/A |
Other transaction points
Below is a table for other transaction points.
| Transaction points | Services | Minimum value in GHC | Maximum value in GHC | MoMo charges in GHC/percentage | Tax charge |
| Bank integration | Transfer to bank (Subscriber and Agent) | N/A | N/A | Free | N/A |
| Transfer to bank (Merchant) | 1 | 1000 | 1% | N/A | |
| Above 1000 | N/A | GHS10 | N/A | ||
| Transfer from bank | N/A | N/A | Free | N/A | |
| Account management | Balance enquiry | N/A | N/A | Free | N/A |
| Mini statement | N/A | N/A | GHS0.01 | N/A | |
| Statement request | N/A | N/A | GHS0.05 | N/A | |
| ATM | ATM token | 5 | 50 | GHS0.50 | N/A |
| Above 50 | 400 | 1% | N/A |
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E-levy charges on MTN Mobile Money
Electronic transfers are subject to the E-levy, which is a tax charged at the time of transfer. The value of electronic transfers is subject to a 1.50 per cent E-levy.
Person-to-person (P2P) transfers exceeding GHC 100 will incur MTN charges at a discounted rate of 0.75% on both the MTN MoMo platform (On-net) and through the interoperability (Off-net).
Is MTN Mobile Money the same as MoMo?
Yes. 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.
What is the limit for MTN MoMo in Ghana?
The MTN and Bank of Ghana initiatives have been extended, allowing MoMo customers to continue sending money transfer values up to GHS100 daily to MoMo wallets for free. Monthly limits range between GHC 1,000 and GHC 50,000.
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How does MTN MoMo work in Ghana?
It keeps funds secure in an electronic account linked to an MTN mobile phone number. One must ensure the recipient has a registered MTN MoMo account before sending money to them.
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 includes:
- Transfers carried out 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.
Knowing the MTN MoMo rates and transactions is essential before transacting using the mobile money service. MTN Mobile Money charges are favourable and convenient for any MoMo user.
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READ ALSO: How to transfer money from Nigeria to Ghana mobile money
Yen.com.gh recently published an article about various methods of transferring money from Nigeria to Ghana. There are several ways to transfer funds from one African country to another.
There are several methods for transferring funds from Nigeria to Ghana, one major one being through MoneyGram. This is a simple way to send money to Ghana via mobile wallet.
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Source: YEN.com.gh