How To Increase Your Mobile Money Transaction Limit
Transaction Limit
Transaction limit is the total amount of money a customer can send from their mobile money account. Every institution that accepts ‘Deposits’ and approves ‘Withdrawals’ gets its operating license from the Bank Of Ghana.
This license when issued comes with rules and regulations. One of the rules is the transaction limit. The MTN Mobile Money subscribers are categorized into 2 tiers. This is dependent on the information on your account on the system.
Below is the transaction limit for the 1st tier.
1 Daily Limit: GHS 2,000
Only 2000 Ghana cedis can leave your account within the day. Therefore whether you withdraw or send, it should sum up to the said amount
2 . Monthly Limit: GHS 20,000
The total amount that can leave your account in a month is 20,000
3 . Threshold: GHS 10,000
Your Balance can’t exceed the amount above.
Below are the transaction limits for the 2nd tier subscribers
1 . Daily Limit: GHS 5,000
The amount that can leave your account within the day.
2 . Monthly Limit: GHS 50,000
The total amount that can leave your account in a month.
3 . Threshold: GHS 20,000
Your Balance can’t exceed this amount
With the above information, you know that the only way to increase your momo limit is to become a 2nd Tier subscriber.
If you are not pleased with the number of transactions you can do in a day or a month, you can increase your MTN Mobile Money limit. In this new article, we discuss how you can increase the limit.
Requirements To Increase MoMo Transaction Limit
For you to increase your limit, you simply have to update your Know Your Customer (KYC) at any MTN Office. These are the requirements.
- You provide one of the following documents with the ID Card you used in registering for Mobile Money.
- Your Bank Statement not older than 3 months
- Utility Bill that has your name on it (Water bill or Light bill)
- The registered tenancy agreement has your name on it.
- Employer’s Reference letter
Submitting any of the above documents with the ID card you used in registering for your KYC will increase the limit of your account. The process should complete within 24 hours.
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