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The Bank of Ghana has made it known to the general public about the revision in balance and transaction limit for mobile money transactions. The announcement was about the upward revision of balance and transaction limits for customers. The change also looks at the amount of money customers can have in their momo wallets.
In a statement by the Ghana Chamber of Telecommunications, the revision aligns with the growing volume of transactions and increase revision aligns with the growing volume of mobile money transactions and increased customers.
The Bank of Ghana declared that, the daily transactional limit has increased. The least amount previously was Ghc2,000, but has increased to Ghc3,000. Similarly bank limits previously set at Ghc10, 000; it has increased to GHc15, 000.
Enhanced accounts set at Ghc15,000 has risen to Ghc25,000 per day. Maximum accounts limit have seen an upliftment, minimum account limit has risen from Ghc3, 000 to Ghc5, 000. Medium accounts have increased fromGhc25, 000 to Ghc40,000.
In relation to monthly transactions for minimum accounts, its initial limit was Ghc6, 000 from March 1st; it’ll be Ghc10, 000. But for medium and enhanced accounts the limits are still the same.
The newly approved transaction limits
- A minimum KYC Account which initially had a limit of ¢2,000 has been upgraded to ¢3,000.
- A medium KYC Account with a current limit of ¢10,000 has been increased to ¢15,000.
- An enhanced KYC Account with a ¢15,000 threshold has been reviewed to ¢25,000.
Below is a breakdown of the review of Maximum Account Balance limits;
- A minimum KYC Account had a limit of ¢3,000 but reviewed to ¢5,000.
- A medium KYC Accounts current limit of ¢25,000 has increased to ¢40,000.
- An enhanced KYC Accounts with a ¢50,000 threshold has reviewed upwards to ¢75,000.
Below is a breakdown of the review of monthly transactions limits;
- A minimum KYC Account which initially had a limit of ¢6,000 has reviewed to ¢10,000.
- A medium KYC Account which had no limits on the value of monthly transactions, remains unchanged.
- An enhanced KYC Account which had no limits on the value of monthly transactions, remains unchanged.
GCTC
The Ghana Chamber of Telecommunications is an association and a private initiative by mobile network operators in Ghana. It is an advisory body that helps with direct legislation and regulation of mobile networks. Additionally, GCTC also conducts research on the development of telecommunication in Ghana.
It is the voice of all mobile operators in Ghana. By collaborating with the government, civil societies and consumers, it shapes the mobile landscape and ecosystem. In adition it also maximizes socio-economic benefits of mobile in Ghana.
https://pinkfmonlinegh.com/imf-approves-second-600m-for-immediate-disbursement-to-ghana/
By; Maame Esi Kesewaa
