Are you looking for how to increase your mobile money transaction limit? Or you want to know how to check your MTN mobile money limit? Then this article covers everything there is to know about MTN mobile money transaction limits.
Mobile money has become the most used form of making payments in Ghana.
MTN was the first telco to launch a mobile money service in the year 2009 from there, the remaining Telcos started hoping in, and now aside from MTN mobile money, we have Vodafone Cash and AirtelTigo cash. Ghanaians can send and receive money and, in addition, pay fees and many more.
But if you are fond of making so many transactions and your transactions involves sending and receiving vast sums of money.
Then you might have one day come to a point where you will decide to send money to someone and then see a prompt from MTN Mobile Money saying, ‘You have reached your minimum daily withdrawal,’ same applies to when you want to send mobile money to someone.
If you have just reached your daily limit, you will have to wait for the next day, but if you have reached your monthly sending and withdrawal limit, you will have to wait until next month.
Finding out you can’t send and receive money becomes frustrating, leading you to make transactions on different networks.
But do you know there is a way to increase your mobile money sending and withdrawal limit? Yes, there is, and in this article, I will take you through how to increase your MTN mobile money limit.
One good thing about MTN mobile money Is that there Is a way to check if you have hit your daily or monthly sending and withdrawal limit.
Step By Step Guide On How To Check Your MTN Mobile Money Transaction Limit.
- On your phone, dial the MTN Mobile Money shortcode *170#
- Type 6/My Wallet
- Type # for Next
- Type in 8/Check Wallet Limits
- Enter your Mobile Money PIN Code
You will now see your daily limit, the amount you have spent within that month, and your Balance left.
So for mine, my transaction limit is GHS 5,000, and I have made a transaction of GHS 57, remaining GHS 4,943.
So why was my daily limit GHS 5,000?
My daily limit was capped at GHS 5,000 because the Bank of Ghana regulates mobile money, and as we all know, when it comes to transactions, there are limits, just like in banking (even your bank account has daily and monthly limits).
How Many Types Of Mobile Mobile Money Subscribers Do We Have?
The mobile money platform has categorized its MoMo subscribers into two users: Tier 1 subscribers and Tiers 2 subscribers.
Who is A Tier 1 Subscriber, And What Is The Limit Of A Tier 1 Mobile Money Subscriber?
A tier 1 subscriber is the one that has a daily limit of GHS 2,000 which means the transactions that users will make daily on the user’s account can not exceed GHS 2000 (whether sending or receiving).
Also, the monthly limit for tier 1 subscribers can not exceed GHS 20,000, meaning the user can only make transactions up to GHS 20,000. If he or she exceeds, then the person will have to wait for next month to use his account again in making transactions.
And a tier 1 subscriber can only have GHS 10,000 (maximum amount) in his or her mobile money account at any given time.
Who is A Tier 2 Subscriber, And What Is The Limit Of A Tier 1 Mobile Money Subscriber?
A tier 2 subscriber, on the other hand, has a daily limit of GHS 5,000, meaning the transactions that a tier 2 subscriber can make daily on his or her account can not exceed GHS 5,000. It should be less than that or equal to that (whether sending or receiving).
The monthly limit for a tier 2 subscriber is GHS 20,000, which means tier 2 monthly subscriber transactions can not exceed GHS 5,000.
And when it comes to the amount a tier 2 subscriber can have in his or her account, the amount should not be more than GHS 20,000 (maximum mobile money amount).
Now that you’ve got to know the types of mobile money subscribers and their daily and monthly limits, now is the time to dive into how to increase your MTN mobile money transaction limit.
How To Increase Your MTN Mobile Money Transaction Limit
You can not increase your MTN mobile money limit by yourself, but it is possible to increase your Mobile money limit. All you have to do is visit the nearest MTN office.
When going, you will have to take these with you because it is what MTN will require to increase your mobile money limit.
- Utility Bill of the place you are staying, and if it has your name on it, that will be a bonus for you.
- An ID Card that was used for registering your Mobile money account
- Bank Statement with transaction records which not more than three months
- A tenancy letter or agreement that has your name written on it
- A business certificate
Although MTN mobile money has become the number way of sending and receiving money, some people find it difficult to send and receive money. These are the subscribers that make huge transactions on their mobile money accounts.
With MTN mobile money, there are two types of mobile money subscribers, and each of them has its daily and monthly limits.
In this article, we went through the types of MTN subscribers, the sum of transactions a tier 1 and a tier 2 subscriber can make daily and monthly.
We also covered how to check your mobile money limit, and in addition, we went through how to increase your MTN mobile money limit and the requirements needed to update your mobile money account details.
Now MTN has decided to make it hard for fraudsters to steal it’s users money and because of that they have introduced a new policy called ‘No ID, No MoMo‘ which basically means you can’t withdraw Money if you don’t have your ID Card with you.
However there might be some instances that you might be in need of cash but might not be having an ID Card with you, we know that and because of that we have prepared an article taking you through ways to withdaw your MTN mobile money if you don’t have your ID Card with you.
Frequently asked questions when it comes to increasing MTN mobile money withdrawal limit
- What Is The Limit Of MTN Mobile Money?
A tier 1 subscriber has a limit of GHS 2,000 a monthly limit of GHS 20,000, while tier two has a daily limit of GHS 5,000 and a monthly limit of GHS 20,000.
- How Can I Increase My MTN Mobile Money Account?
To increase your MTN mobile money transaction limit, you will have to visit the nearest MTN office and update your account information.
- What Are The Requirements Needed To Increase Your MTN Mobile Money Limit
MTN requires these documents when it comes to increasing your Mobile money limit, and they are:
A business certificate
A tenancy letter agreement with your name on it
A bank statement with transactions which is not more than three months
An ID Card used to register your mobile money account
And if you have a business certificate, you can also use it to update your MoMo Limit.
- What Is The Code To Check Your MTN Mobile Money Limit?
The shortcode to check your MTN mobile money withdrawal limit is *170#
- Why Is There A Limit On Mobile money Users?
There is a limit on mobile money users because the bank of Ghana controls the mobile money service, and these limitations are done for security reasons.
One example is when someone steals a massive sum of money and then decides to share to other mobile money numbers in other not to get caught.
With these limitations, the person can only spend GHS 2,000 that day (if he or she is a tier 1 user) and will have to wait for the next day to make another transaction.
This limitation will prevent this person from spending the money anyhow.