MTN MoMo customers in 2020 were saved GHS94 million

Last year was a tough one for all of humanity with the world being ravaged by the raging COVID-19 pandemic. As commercial activities slowed down or in some cases completely ground to a halt in the wake of lockdowns and other such necessary restrictions, many people’s economic strengths took a hit.

Ghanaians were not spared from any of the fallouts due to the pandemic — with many losing their jobs or being forced by the circumstances to accept pay cuts.

MTN Ghana in March of 2020 announced a waiver on transaction fees for fund transfers of GHS100 and below. This came as welcome news as, quite frankly, having to pay significant charges on transfers as low as GHS10 was cumbersome.

It turns out that between the time of the waiver coming into effect and December 2020, MTN MoMo customers collectively saved an amount of GHS94 million on transactions of GHS100 and below.

This statistic was revealed in an address by the CEO of MTN Ghana, Mr Selorm Adadevoh, at the company’s 3rd annual general meeting.

It would be recalled that prior to the coming into effect of the waiver if an MTN MoMo customer made ten MoMo transactions worth GHS10 each, they would be paying charges on every individual transfer that when put together, would be a significant amount. Thankfully, it is no longer so, and MTN Ghana intends to keep it that way.