How To Increase Your Mobile Money Threshold
If you are desperate to boost your Mobile Money Transaction threshold, then we got you covered on how to increase your Mobile Money threshold in Ghana.
Registering your SIM card for mobile money in Ghana does not give you the assurance to make transaction of any amount you want with your Mobile Money account. There are at times you may prefer to receive or send larger amount of money with your Mobile Money wallet.
Mobile Networks in Ghana allow subscribers using their Mobile Money service to transact with only certain amount. This means Mobile networks have limits on mobile money accounts for transactions. You can only send or receive certain amount of money using your mobile money wallet during a day and a month.
Basically, there are three categories of mobile money customers, as per the regulator, Bank of Ghana’s guidelines, and each telco decide how much they allow each category of customers transact in a day or in a month.
How much you can hold in your Mobile Money wallet or transact with during the day or month determines the category you belong to. You may not be able to send or receive money once you have reached your monthly transaction threshold.
When this happens, you will have to increase your mobile money transaction limit — to a higher amount for more transactions.
As a Mobile Money subscriber, you first of all have to know which of the three categories you belong to — according to your mobile network.
MTN Ghana sticks with the regulator’s description for the three categories – Minimum KYC (know your customer), Medium KYC and Enhanced KYC, while AirtelTigo Ghana prefers to describe the three categories as Bronze, Gold and Platinum customers; and Vodafone Ghana calls them Tier 0, Tier 1 and Tier 2 customers.
Requirements for various categories are similar for all three networks, except with AirtelTigo’s Bronze category, which requires “any photo ID”, whether verifiable or not.
Also, the amounts for the various categories are the same for all three telcos in Ghana, so take note if you use any of the three and you are a mobile money subscriber.
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For MTN Mobile Money subscriber, you first of all need to know how to check your MTN Mobile Money transaction limit. After this, you should have the understanding of what the minimum KYC means with MTN Mobil Money.
Minimum KYC means the same valid ID you used in registering your SIM card, is enough to also register for Mobile Money. That qualifies you to hold a maximum of GHC1,000 in your wallet at any given time. It means once the money in your wallet reaches GHC1,000, you CANNOT receive any more money, unless you transact (spend or transfer) some of that money.
Now, MTN Mobile Money subscribers have their threshold being raised to GHS 2,000 after the outbreak of COVID-19. Bank of Ghana boosted the maximum balance for MTN Mobile Money subscribers to transact with their mobile money wallet with up to GHS 2,000.
So, if you really want to increase your MTN Mobile Money transaction limit, you will have to walk to any nearby MTN Ghana office and provide your Identity Card (ID) used to register your SIM and Mobile Money account. You will be given a form to fill at MTN and provide some specific information. After the provision of the information, MTN Ghana will increase your mobile money threshold to a maximum balance of GHS 10,000 daily transaction.
Though you are allowed to keep up to GHS 10,000 in your mobile money wallets, you can only transact a total of GHS 1,000 in a day, and you have the opportunity to transact at most GHS 20,000 in a month.
As stated above, at AirtelTigo, a Minimum KYC customer is described as a Bronze customer, but in terms of the requirement, AirtelTigo wrote on the website that “any photo ID”, can be used for registering a mobile money wallet, which suggests that even if the ID card is not verifiable, it can be used to register mobile money wallet on AirtelTigo, which is something for the regulator to look at.
For AirtelTigo Gold customers, who are just like KYC customers to MTN mobile money users, if you want to increase your AirtelTigo Money transaction limit, you will have to provide a valid National ID (Ghana, Voter ID, Driver’s License, National Health Insurance Scheme Card, SSNIT ID or Passport).
The big one is the Platinum customers, who are required to provide everything the Gold customers provide, plus at least one of the following: Registered Tenancy Agreement, Utility Bill, Income Tax Certificate, Bank Statement, Reference Letter, or Employer’s reference letter. The threshold, again, are same.
Vodafone Ghana customers who have registered for Vodafone Cash are grouped into Tier 0, Tier 2 and Tier 3.
Similarly, the amounts for maximum wallet balance, daily transaction limit, and monthly transaction limit are the same as MTN’s.
To boost your Vodafone Cash transaction limit, you will have to provide a valid identification (ID) Card you used to register your Vodafone SIM.
These are how easily they are on How To Increase Your Mobile Money Threshold.