google-site-verification=4UWsaKm1omj_OoIsGP5G_KfqKF979LsFyNkOHv3wy8M

BoG finally approves free momo transactions and increases daily transactions

Spread the love

The Bank of Ghana has agreed with banks and mobile network operators on measures to facilitate more efficient payments and promote digital forms of payments for the next three months in the wake of Covid-19.

These are: I All mobile money users can send up to GH?100 for free (excluding cash out). This includes sending to a recipient on the same network, or another network via the interoperability platform.

(ii) All mobile phone subscribers are now permitted to use their already existing mobile phone registration details to be on-boarded for Minimum KYC Account.

 

(iii)The daily transaction limits for mobile money are increased as follows in the attached document:

“The Bank of Ghana is closely monitoring developments as regards the impact of COVID-19 on the domestic economy, and will not hesitate to convene an emergency meeting to deliberate on other measures, if required,” it said in a statement.

Meanwhile, following examples of how central banks across the world are dealing with global economic trends, amidst the outbreak of the novel coronavirus (COVID-19), the BOG has cut primary reserve requirement by 2 percentage points to provide more liquidity to banks to support critical sectors of the economy.

Additionally, the Bank of Ghana (BOG) has lowered the country’s Monetary Policy Rate by 150 basis points to 14.5 percent.

MoMo transfers up to GHC100 is now free | Pulse Ghana

This follows some significant development in the global financial markets, causing a sharp downturn of global stock prices and a steep rise in emerging markets’ sovereign bond spreads.

“These unfolding developments have further worsened the pre-existing weaknesses in global growth and caused major disruptions to global supply chains with adverse implications for the global economy.”

Other stories

See also  Investors fear ‘crypto winter’ is coming as bitcoin falls 50% from record highs

Next Post

At the gathering, Cheddar's attire draws attention.

Mon Oct 24 , 2022
Spread the loveTweetWhen a video of Freedom Jacob Cheddar striding majestously at an event while donning his army-inspired garb went viral, all eyes were focused on his attire.   Cheddar was one of the invited guests at the dinner and fundraising given by Queenmother Nana Adepa Amponsah, the Kyidomhene of […]
At the gathering, Cheddar's attire draws attention.
%d bloggers like this: