The mobile money system has evolved into a significant component of the Ghanaian financial landscape, streamlining the process of instantaneous money transfers for individuals.
This platform has notably facilitated swift and hassle-free transactions, enabling users to send and receive money seamlessly.
Recognizing the transformative impact of mobile money, banks have adapted their services to incorporate this platform, empowering their customers to effortlessly transfer funds between their bank accounts and mobile money wallets.
In Ghana, nearly all telecom companies have embraced mobile money platforms, offering their customers a convenient financial solution.
Pioneering this service, MTN stands out as the first telecom company to introduce mobile money in Ghana and currently leads the sector with the highest number of subscribers compared to other telecom companies operating mobile money services.
Despite the evident advantages, it’s crucial to note that mobile money services provided by telecom companies come at a cost.
Customers incur charges for various transactions, constituting a revenue stream for telecom companies.
In this article, we will delve into an exploration of the diverse charges associated with 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 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.
- *134*PIN#
- 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
Conclusion
The aforementioned details outline the charges associated with utilizing the MTN mobile money platform for financial transactions.
It is evident that the charges are contingent upon both the amount sent and received. Specifically, the charges escalate in proportion to the transaction amount, reflecting a proportional fee structure.
Noteworthy is the provision that making payments to entities such as schools incurs a distinct charge of 2%.
Importantly, this charge remains fixed at 2%, offering a consistent rate for transactions in this category.
However, it’s worth noting that the charge may vary based on the specific amount being sent, allowing for flexibility within this framework.
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 Tokens.
