The Bank of Ghana (BoG) has revised the balance and transaction limits of customers' mobile money wallets upward, effective March 1, 2024.
A statement from the Ghana Chamber of Telecommunications pointed out that the development is in line with increasing trends of transactional activities and evolving customer needs.
On daily transaction limits, customers with a minimum account which initially had a limit of GH¢2,000 has been upgraded to GH¢3,000, while medium account with a current limit of GH¢10,000 has been increased to GH¢15,000.
In the same line, an enhanced account with a GH¢15,000 threshold has been reviewed to GH¢25,000 daily.
On maximum accounts, a minimum account which initially had a limit of GH¢3,000 has been reviewed to GH¢5,000, while medium accounts with a current limit of GH¢25,000 has been increased to GH¢40,000.
The enhanced accounts with a GH¢50,000 threshold has been reviewed upwards to GH¢75,000.
On the breakdown of the review of monthly transactions limits, minimum account which initially had a limit of GH¢6,000 has been reviewed to GH¢10,000.
The medium account which had no limits on the value of monthly transactions, remains unchanged, as well as the enhanced account which had no limits on the value of monthly transactions, remains unchanged.
The Bank of Ghana in a release stated that the move is also to promote the use of non-cash modes of payment.
"Kindly reach out to the personnel of our members at any of their customer service centers across the country, for any clarification you may need", the statement concluded.
The Ag. CEO of MobileMoney Limited, Mr. Shaibu Haruna expressed his delight over the upward reviews approved by the BoG, following engagements to assess the possibilities of reviews to enhance digital payments and ultimately drive the Cash -lite agenda.
He said, “MML following the approval has gone ahead to implement the directives to ensure that our customers enjoy the convenience of doing various transactions such as the Money Transfer, Bill Payments, receive Remittances, Buy Insurance, Buy Shares, Payment of school fees as well as general goods and services.” “We are calling on all customers to take advantage of the enhancement in wallet size to grow their transactions and improve their livelihoods.”
The upward reviews have been activated for all MoMo subscribers. However, Customers who require further enhancements on their wallet are required to provide any of the following documents:
Utility Bill in customer’s name,
Bank Statement,
Registered Tenancy Agreement,
Letter from your employer.
Tax Certificate
The document should be presented at any MTN Service Centre or engage MTN Ghana through its digital channels: Twitter: @MTNGhana or @AskMTNGhana; Facebook: MTN Ghana or WhatsApp:0554300000. Customers are advised to beware of the activities of fraudsters and report fraud issues by text to 1515 or 419.
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