What is MTN MoMo Interest, and How Does It Work?

Imagine you have a small piggy bank at home. Every time you put money in it and leave it there, someone comes by every three months to add a little extra cash as a reward for saving. That’s basically how MTN MoMo interest works!

MTN Ghana allows its Mobile Money (MoMo) users to earn interest on the money they keep in their MoMo wallets. This means your balance isn’t just sitting there—it’s actually growing! Unlike traditional bank accounts where you have to actively save in a special account to earn interest, MTN MoMo automatically rewards you based on your wallet balance.

Who Can Earn Interest on MTN MoMo?

Earning interest on your MoMo balance is pretty straightforward. You qualify if:

• You have a registered and verified MTN MoMo account.
• You actively use your MoMo wallet for transactions.
• You maintain a balance in your wallet (the more you save, the more you earn!).

There’s no extra sign-up needed because MTN automatically includes all eligible MoMo users in the interest program. However, if you want to double-check or activate it manually, keep reading!

How to Activate MTN MoMo Interest

Most MoMo users are automatically enrolled, but if you suspect you’re not earning interest, here’s how to activate it yourself:

1. Dial *595# on your phone.
2. Select the option to activate MoMo interest.
3. Confirm your selection by choosing ‘Yes’.
4. Wait for a confirmation message that your interest feature is active.

That’s it! You’re now set up to earn free money just for keeping a balance in your wallet.

How is MTN MoMo Interest Calculated?

Now, let’s talk about how much interest you can actually earn. Your MoMo interest is based on:

• Your average balance over a three-month period.
• Your transaction activity (the more you use your wallet, the better your rates may be).
• Regulatory guidelines set by the Bank of Ghana.

MTN does not set a fixed interest rate for all users. Instead, your rate is calculated dynamically based on your wallet activity.

Example Breakdown:

Let’s say you keep GHS 1,000 in your MoMo wallet for an entire quarter (three months). If the interest rate for that period is 3% per annum (0.75% per quarter), then your earnings will be:

• GHS 1,000 x 0.75% = GHS 7.50 paid at the end of the quarter.

If you withdraw often and maintain a lower balance, your interest earnings will be lower.

When Does MTN MoMo Pay Interest?

MTN pays out MoMo interest quarterly, meaning once every three months. Your earned interest is automatically added to your wallet without you needing to do anything.

Each quarter, you get a little reward for keeping money in your MoMo wallet!

MTN MoMo vs. Yello Save: Which One is Better?

MTN offers another savings product called Yello Save, which works a little differently from MoMo interest. Here’s a quick comparison:

If you want a hands-free way to earn interest, MoMo wallet interest is great. But if you’re looking for higher interest rates and don’t mind signing up, Yello Save might be a better option.

How to Stop MTN MoMo Interest Payments

Maybe you don’t want to receive MoMo interest (though we can’t imagine why!). To opt-out:

1. Contact MTN customer support via 100.
2. Request to deactivate interest payments.

This will stop future interest payouts to your wallet.

Is MTN MoMo Interest Worth It?

Absolutely! MTN MoMo interest is a great way to earn passive income while keeping your money accessible for daily transactions. Whether you use MoMo for business, personal savings, or just as a convenient way to store money, earning interest is a nice bonus.

Want to maximize your earnings? Try keeping a stable balance and using MoMo frequently to qualify for better rates. If you’re looking for even higher savings potential, consider Yello Save alongside your MoMo wallet.

Now that you know how it works, go ahead and check if your MoMo interest is active—you might have some extra cash waiting for you!