The mobile money system has now become a big part of the Ghanaian financial system.
The mobile money platform has made it easy for people to send and receive money instantly without hassle.
Banks have altered their services to include the mobile money platform, allowing their customers to transfer money from their bank accounts to their mobile money wallets.
Almost all the telecom companies in Ghana are operating mobile money platforms for their customers.
However, the first telecom company to introduce the mobile money service in Ghana was MTN and it is currently the leading mobile money platform in the country with more subscribers than any other telecom company that operates the mobile money service.
The mobile money service run by telecom companies is not free to their customers. Customers are charged for the various transactions that they make.
This makes it one source of revenue for telecom companies. In today’s article, we will be familiarizing ourselves with the various charges under the MTN Ghana mobile money services.
MTN Transaction Charges
There are some charges that MTN puts on the transactions done by its mobile money users.
The costs are usually incurred when one sends money from their wallet to another person at another destination.
The charges apply even though registering for the mobile money service itself is free of charge.
The costs are not the same. It depends on the amount you send to the person. The higher the amount sent, the higher the charge goes.
Below are the charges charged by the MTN mobile money transfer platform. These are the changes that occur when you send money to another person.
- From to GHS 1 to GHS 50- 2.50% as a service fee
- Amounts higher than GHS 50- 5%commission fee
Below are the changes that occur when you withdraw money from an agent of the MTN mobile money.
- For amounts from GHS 0 to GHS 50, a charge of 0.5% is charged on that withdrawal as the commission fee
- All amounts above the GHS 50 mark come with a charge of 1% as a commission fee.
- You can use the mobile money platform to pay several bills to several institutions in Ghana such as the ECG as well as the water company and many other payments like school fees. For such payments, MTN has placed a 2% charge on the amounts that are made as payments. The percentage is known to reduce when the amount being paid is small. However, the 2% flat charge, which is also subject to change, can never surpass the 2-hour percentage.
As you can see above, the charges are different when money is sent as well as when money is received.
Popular MTN Codes
Now let us take a look at some of the codes used in the MTN mobile money platform. Several codes can be used when a person uses the MTN mobile money platform.
These codes have raised the efficiency of the mobile money platform as the codes make it easier for people to navigate their way straight to whatever service they are looking for. Here are the codes below.
- Send a number to 1399, which will prompt the number to call you
- *124# request balance of airtime
- *567*4# checking for mashup balance
- *5055# jara code
- *138# for purchasing data bundles
- *170# takes you to the MTN mobile money menu
- *138*4 to get saver bundles
- *140# blackberry plans
The above are the charges that occur when one uses the MTN mobile money platform for the transaction of money.
As you can see, the charges depend on the amount of money being sent as well as the amount of money being received.
The higher the money you spend, the higher the charge you will be made to pay. Making payments to various places like schools also comes with its unique charge of 2% that never goes up but can go down depending on the amount being sent.
The platform is one the biggest and most well-known mobile money platforms in Ghana at the moment. You can also check out how to generate MTN mobile money Token.