07/04/2022
MTN should just scrap MoMoPay for small businesses as it doesnt make sense. The Charge on every momo pay trancsction is 1% meaning if a client pays 100k MTN takes 1k (the bigger the transaction amount the bigger the cut).
Now many small businesses are registered as sole proprietorship meaning you can't have MomoPay in the business's names (yet you can have a bank account in business name) but rather owner's name thanks to some UCC directive that also doesnt seem to pass the common sense test.
This means the option for sole proprietorships or what we locally call Business Names to transfer money to the the business's bank account isn't open for sole proproetorships. You have to transfer the money to your MTN mobile money from where normal mobile money charges apply for withdrawal.
So if MTN takes their 1% commission off MoMoPay your left with 99,000 on a sale of 100,000. If MTN takes 7,500 for withdrawal off mobile money after transfering your money from MoMoPay to Mobile Money account you have a deductible of 8,500 off a Momo Pay transaction of 100,000. That's 8,500 lost in trying to make a sale. If your profit is 10,000 then you end up with 2,500.
Your literally working for MTN and goverenment (mm taxes). This makes Momo pay useless for sole proprietorships/business names which is how many small businesses register and operate... Makes you wonder if people that make these policies run or have ever run a business of any sorts even a mere tomato stall..........
