Subscribers to MTN Ghana’s Mobile Money (MoMo) e-wallet service have had cause to celebrate in recent times; owing to the good news that there would be no transaction charges for in-network and interoperability fund transfers of GHS100. That piece of news was received with much excitement by the users as it meant the extra charges have been waived so long as they kept their transactions within the MTN network.
But is that really the truth? Does that mean I can save some money so long as I kept each funds transfer to GHS100 and below? Hang around — there’s something to learn.
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MTN Ghana’s MoMo waiver
Here’s what it really means. The waiver is for up to GHS100 worth of MoMo to MoMo transactions. What this means is that if I make five (5) transactions of GHS20 each, there is no charge as it all adds up to a hundred Cedis. It could even be two (2) GHS50 transactions. So long as everything falls within the waiver amount, you’re good to go.
The misunderstanding arises when a user expects the waiver to cover five GHS100 transactions. The waiver on transaction charges would only work on the first. The subsequent four would be charged at the normal rates.
- 20 + 20 + 20 + 20 + 20 = 100; waiver on all five MoMo transactions.
- 100 + 100 + 100 + 100 = 400; waiver only covers the first 100. The subsequent MoMo transactions would be charged accordingly.
- Also, 100 + 50 = 150; normal charges would apply to the 50.