The Bank of Ghana (BoG) has announced changes to the balance and transaction limits of mobile money wallets, which will take effect on March 1, 2024, in order to suit the expanding trends in transactional activities and changing customer needs.
The Ghana Chamber of Telecommunications claims that this decision was made in reaction to the increase in mobile money transactions, which was noted in the Bank’s 2023 Fintech Sector study.
Compared to 2022 data, the report showed a significant 79 percent rise in the total value of Mobile Money transactions, or GH¢1.9 trillion.
Furthermore, there was a 40% rise in the total value of Mobile Accounts (Funds) maintained with commercial banks, amounting to GH¢18.3 billion.
The following customer account types now have different transaction limits in accordance with the recently accepted guidelines:
Account Types: Minimum, Medium, and Enhanced
Former Caps: GH¢10,000, GH¢15,000, and GH¢2,000
GH¢3,000, GH¢15,000, and GH¢25,000 are the revised limits.
Minimal Account for Know Your Customer (KYC):
Former Cap: GH¢3,000
Updated Cap: GH¢5,000