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This Is Why You Really Need A Bank Account And Not Just A MoMo account

We all know that the MoMo service has come to stay. It has been one of the best things to happen to the ‘normal’ as it has been able to help with the transaction of money no matter the location of the two people.

With the mobile money service, you can send money to people all over the country and even those outside as well.

Through its popularity, it has been able to dominate the finances of the country’s economy for the past 10 years since its inception.

However, there is now the situation whereby most people think that having a mobile money account is ok and they do not need an actual bank account.

Although the advantages that come with mobile money are numerous such as the payment of various bills, quick money transfer, and the ability to acquire airtime, the MoMo service is not a replacement for traditional banking services.

So I will be giving you some reasons why you should not see the MoMo service as the replacement for the banking industry. 

One thing you should keep in mind is that the advent of the mobile money service was only to make transaction in the banking sector easier.

See the mobile money service as a feature of the banking industry that was implemented to help make transactions easier and you will get a clear picture of what we are talking about here.

So now, let us look at the reasons why the mobile money service did not come to replace the traditional banking system but rather to enhance it.

With The Transfer Of The Huge Amount Of Money

On the mobile money service, users are allowed to send up to only GHS 5,000 in a day.

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This means that any amount above GHS 5,000 cannot be sent unless you send them in half.

Note that sending them in half will attract charges on each half of the money. Some monies normally need to be sent together because they are for business purposes.

In this case, the mobile money service will not be a suitable place to send that amount of money.

This can only be done through the use of a bank where you can transfer almost any amount of money to anywhere you want.

You Can’t Request For Huge Amount Of Loans

We all know that most telecom companies have now offered a loan service on their mobile money platforms that allows their subscribers to take small amounts of loans.

These loans are also to be repaid in a month. What about if you need a big loan to clear the goods that are stuck at the port because the port authorities need their money?

In this case, you cannot use the loan taken from the mobile money service for that task. You will need to get a loan from a bank. 

Mobile Money Limits

There are limits to the amount of money that can be kept in your mobile money account. This may depend on the type of account that you have. Most of the accounts have a limit of GHS 10,000 while some have limits of GHS 20,000.

This may look like a large amount of money limit. Well, it somehow is for people who do not earn much so such people can save in their wallets.

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However, imagine that your investment in Kobocoin has tripled because its price has gone up and you now have more money than you ever dreamed about.

You can’t park that in a mobile money wallet. It will have to be in a bank account where there is no limit to how much you can save. You can check out this guide to know how to increase your mobile money limit.

International Transfers

This is similar to the money transfer. Although allows you to send money internationally on their MoMo service, you are limited as to how much you can send.

That is not the case with a bank where you will be able to send any amount you want.


With the mobile money service, you can lose all your money if you forget your pin or lose your phone.

When this happens, you just made your telecom provider richer since the money now belongs to them.

However, with a bank, if you forget a pin or something like that, they can still allow you to access your account by typing in the name you used in opening the account.

In this way, you never lose your account.


As you can see, these are some concrete reasons I have given you. And no, the banks are not paying me anything to convince you.

Just read more articles so I can keep educating you. That’s how I make my money. 


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