Key takeaways
- Depositing money into your MoMo wallet, paying bills and subscriptions, and reversing wrong transactions with MTN MoMo is free.
- Transferring money from your MoMo account to your bank account and vice versa is free when you link your MoMo number to your Ghana card.
- The new E-levy rate is 1% of electronic transfers starting from GHS 100. This is a reduction from 1.5% to 1%.
MTN mobile money offers convenient and secure transactions to pay bills and send money. In this guide, we’ll provide a detailed overview of its mobile money charges to help you make informed decisions about your transactions.
All MTN MoMo charges
MTN mobile money involves various transactions, such as deposits, withdrawals, bank transfers, and bill payments. Below are the fees charged from your MoMo wallet on these transactions.
#1 – Deposit charges
Fortunately, depositing money into your MTN mobile money wallet is free, regardless of the amount deposited. This makes it easy to load funds into your account without worrying about extra costs.
#2 – Withdrawal charges
MTN charges you for withdrawals from your mobile money wallet, and the fees vary based on the amount you withdraw.
| Amount (GHS) | Charge |
| 50 and below | GHS 0.50 |
| 51–1,999 | 1% |
| 2,000 and above | GHS 20 |
#3 – Transfer charges
MTN Ghana charges you when you transfer money from your MTN mobile wallet to another MTN mobile money wallet. Charges also apply when you transfer money from your MTN MoMo wallet to mobile money wallets on other networks, such as Telecel and AT.
MTN to MTN transfer charges
For MTN to MTN transfer charges, you can expect the following:
| Amount (GHS) | Charge |
| 0.01–100 | Free |
| 101–999 | 0.75% |
| Above 1,000 | GHS 7.5 |
MTN to other network charges
MTN Ghana charges 0.75% on transfers up to GHS 1000 from MTN mobile money to other networks. For transfers above GHS 1000, a flat fee of GHS 7.5 is charged.
#4 – Bank transfer (push and pull) charges
Transferring money from your MTN mobile money to a bank account incurs charges. These are the charges:
| Amount (GHS) | Charge |
| 0.01–50 | GHS 0.38 |
| Between 50—1,000 | 0.75% |
| Above 1,000 | GHS 7.5 |
However, bank transfers are free when your mobile money number is linked to your Ghana card and bank account. You can link your MoMo number to your Ghana card at the nearest MTN office and your bank account at your bank’s branch.
#5 – Bill payment charges
You can pay bills for utilities, school fees, and subscriptions with MTN mobile money. This is generally free.
#6 – Transaction reversal charges
If you mistakenly transfer money to another user, MTN allows for a reversal of the transaction at no additional cost.
E-levy MoMo charges
Electronic levy (E-levy) is a tax by the Ghanaian government on electronic money transfers that took effect on May 1, 2022. These electronic transfers include bank-to-bank transfers, mobile money-to-mobile wallet transfers, and mobile money-to-bank transfers. Here are the charges:
- Up to GHS 100: No charge
- Above GHS 100: 1%
Note: The GHS 100 is a new threshold implemented due to an amendment to the regulation in January 2023. This also reduced the charge rate from 1.5% to 1%.
New changes in MTN MoMo charges
MTN Ghana implemented new charges on March 1, 2024, “aimed at enhancing our customer experience.” Here’s the difference between the old and new charges for transfers.
| Amount (GHS) | Old charges | New charges |
| 50 and below | GHS 0.50 | GHS 0.50 |
| 51–999 | 1% | 1% |
| 1,000–1,999 | GHS 10 | 1% |
| 2,000 and above | GHS 10 | GHS 20 |
What is the MTN MoMo limit in Ghana?
The MTN MoMo limit differs from user to user in Ghana. Below are the limits for the different account types following the recent changes in March 2024.
| Maximum account balance limit | ||
| KYC account type | Old limit (GHS) | New limit (GHS) |
| Minimum | 3,000 | 5,000 |
| Medium | 25,000 | 40,000 |
| Enhanced | 50,000 | 75,000 |
| Daily transaction limit | ||
| KYC account type | Old limit (GHS) | New limit (GHS) |
| Minimum | 2,000 | 3,000 |
| Medium | 10,000 | 15,000 |
| Enhanced | 15,000 | 25,000 |
| Monthly transaction limit | ||
| KYC account type | Old limit | New limit |
| Minimum | 6,000 | 10,000 |
| Medium | Unlimited | Unlimited |
| Enhanced | Unlimited | Unlimited |
Know Your Customer (KYC) is the customer information that MTN has in its database. It determines the limit on your MTN mobile money wallet, and you can always request a profile upgrade.
- Minimum KYC requires only the Ghana Card and applies to all customers registered for MTN mobile money.
- Medium KYC applies to customers who have information about their next of kin and source of funds in the MTN database.
- Enhanced KYC includes all the medium account requirements plus proof of address, which can be provided through utility bills or bank statements.
FAQs
How much is the MTN mobile money agent commission in Ghana?
MTN mobile money agents are paid commissions on withdrawals (cash-outs) customers make. These commissions were also revised and took effect on March 1, 2024.
| Amount (GHS) | Old commission | New commission |
| 50 and below | GHS 0.20 | GHS 0.20 |
| 51–999 | 0.4% | 0.4% |
| 1,000–1,999 | GHS 4 | 0.4% |
| 2,000 and above | GHS 4 | GHS 8 |
How much does MTN charge to withdraw GHS 10,000?
MTN charges GHS 20 for withdrawing GHS 10,000. However, agents are unwilling to withdraw such huge amounts for customers and may ask them to pay an additional amount (usually at the agent’s discretion) before withdrawal.
Conclusion
By understanding the various MTN mobile money charges in Ghana, you can now maximise the benefits of this service and manage your transactions better.
If you’re new to this service or looking to get started, you will find our guide on how to register for MTN mobile money particularly useful. Don’t hesitate to share your experiences and feedback with us.
1 Comment. Leave new
Great explanation of the different types of transaction charges! I had no idea about the variations