You can increase your MTN Mobile Money Limit. This will help you perform more transactions in a day or per month. This guide will help you learn how to do it.
If you’ve ever found yourself wishing you could do more transactions with your MTN Mobile Money in Ghana, you’re not alone. The good news is that you can increase your transaction limits, and in this article, we’ll explore why these limits exist and how you can boost them.
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Understanding Transaction Limits
In Ghana, institutions like MTN Mobile Money, which handles deposits and withdrawals, operate under licenses issued by the Bank of Ghana. These licenses come with rules and regulations, and one such rule is the imposition of transaction limits.
For MTN Mobile Money, subscribers fall into two tiers based on their account information. Let’s break down the transaction limits for each tier:
1. First Tier Subscribers:
- Daily Limit: GHS 2,000 (the maximum amount that can leave your account in a day, whether through withdrawals or transfers).
- Monthly Limit: GHS 20,000 (the total amount that can leave your account in a month).
- Threshold: GHS 10,000 (your balance cannot exceed this amount).
2. Second Tier Subscribers:
- Daily Limit: GHS 5,000
- Monthly Limit: GHS 50,000
- Threshold: GHS 20,000
As evident, the only way to increase your MTN Mobile Money limit is to become a Second Tier subscriber.
You should also read about How To Transfer Money From Mobile Money To Bank Account
How to increase your MTN Mobile Money limit
To transition to the Second Tier and enjoy higher transaction limits, you need to update your Know Your Customer (KYC) details at any MTN office. Here are the requirements:
- Provide one of the following documents along with the ID card used during Mobile Money registration:
- Bank Statement (not older than 3 months)
- Utility Bill (with your name on it, like water or light bill)
- Registered tenancy agreement (with your name on it)
- Employer’s reference letter
- Submit the required documents along with your ID card for KYC update.
The process is generally swift, and you can expect your MTN Mobile Money limit to increase within 24 hours.
Can I increase my limit beyond the Second Tier?
No, the Second Tier is the maximum allowed limit by MTN Mobile Money in adherence to national regulations.
How long does it take to upgrade to the Second Tier?
The process usually completed within 24 hours after submitting the necessary documents.
Can I update my KYC online?
Currently, KYC updates must be done in person at any MTN office.
If you have more questions that have not been answered on this page, you can leave them in the comment section and we will reply as early as possible.
You should also read about MTN Mobile Money App Officially Available Now
It’s essential to recognize that MTN Mobile Money is governed by national laws, and transaction limits are in place for regulatory compliance. While some may wish for even higher limits, the Second Tier is currently the maximum allowed.
Should you have further questions or need clarification, feel free to call 100 for assistance. Leave your comments below, and don’t forget to subscribe to comments for notifications on any replies. Increasing your MTN Mobile Money limit is a straightforward process that allows you to make the most out of this convenient mobile financial service.