Bank of Ghana increases limit on MoMo transactions
Bank of Ghana (BoG) has increased the limit of Mobile Money transaction in order to promote the use of non-cash modes of payment.
In a press release by Ghana’s Central Bank, the increasing transaction and wallet limit on Mobile Money (MoMo) is part of their measures to facilitate more efficient payments.
Also, the measure will encourage the seamless transition to a cash-lite society as well as promote the use of non-cash modes of payments, the Bank has reviewed upwardly, the limits set on daily transactions and the maximum account balances on mobile money wallets.
In addition, the release has it that the aggregate monthly transaction limits will however remain unchanged.
BANK OF GHANA REVISED LIMITS
The revised limits on the daily transactions and maximum account balances on mobile money wallets are in three (3) folds.
They are as follows:
BANK OF GHANA DAILY TRANSACTIONS LIMITS FOR MOBILE MONEY ACCOUNTS
- Earlier, the Minimum KYC Account has a limit of GH¢1,000.00. The new limit is GH¢2,000.00
- Earlier, a Medium KYC Account has a limit of GH¢5,000.00. The new limit is GH¢10,000.00
- Enhanced KYC Account has a limit of
GH¢10,000.00. The new limit is GH¢15,000.00
BANK OF GHANA MAXIMUM ACCOUNT BALANCE LIMITS
- The minimum KYC Account earlier has a limit of GH¢2,000.00. The new limit is GH¢3,000.00
- Medium KYC Account earlier has a limit of GH¢15,000.00. The new limit is GH¢25.000.00
- Enhanced KYC Account earlier has a limit of GH¢30,000.00. The new limit is GH¢ 50,000.00
BANK OF GHANA MONTHLY TRANSACTION LIMITS
- The minimum KYC Account still holds onto the GH¢6,000.00
- Medium & Enhanced KYC Accounts have no limit.