All you need to know about your new MTN Momo transaction limits
Top mobile money provider, MTN MoMo, has announced an increase in the daily and monthly transaction limits for all account types, effective from today, Friday, March 1, 2024.
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Under the new adjustments, MTN MoMo has bumped up the daily transaction limit for minimum accounts from GHS2,000 to GHc3,000. Additionally, the daily limit for medium account types has been raised from GHc10,000 to GHc15,000.
Moreover, for enhanced account types, which previously had a daily limit of GHc15,000, the ceiling has been boosted to GHc25,000.
In a further refinement, the minimum balance allowable in client accounts has been recalibrated. The revised limits now stand at GHc5,000, GHc40,000, and GHc75,000 for Minimum, Medium, and Enhanced account types, respectively.
For monthly transactions, the Minimum account type now has a cap of GHc10,000, while Medium and Enhanced accounts enjoy unlimited transactions.
Mobile money agents also benefit from the adjustments, with Tier 1, Tier 2, Tier 3, and Tier 4 wallets now set at GHc1 million, GHc10 million, GHc30 million, and No Limit, respectively.
Although the daily transaction limit for Tier 1 MoMo agents remains unchanged at GHc200,000, Tier 2 has been elevated to GHc1 million, while Tier 3 and 4 are now unlimited.
Monthly transaction limits for agents have also been revised, with Tier 1 increasing to GHc700,000, Tier 2 to GHc10 million, and Tier 3 to GHc30 million. Tier 4 enjoys unlimited transactions.
MTN MoMo has also introduced a flat cap of GHc20 on subscriber cash-outs of GHc2,000 and above, along with a one percent fee for all cash-out transactions below GHS2,000. The provider has warned against charging any unauthorized fees, stating that agents found doing so will face sanctions.
The adjustments, according to MTN MoMo, are aimed at "supporting the sustainable growth of the Mobile Money Ecosystem," aligning with the company's broader ambition.
See all the new MTN Momo transaction limit changes below;