BoG increases limit on Mobile Money transactions

Mobile Money 1 Mobile Money has improved the efficiency of money transactions

Fri, 23 Dec 2022 Source: classfmonline.com

The Bank of Ghana has revised the limits on mobile money transactions in the country.

A statement issued by the central bank on Thursday, December 23, 2022, explained that the review forms part of measures to “facilitate more efficient payments, encourage the seamless transition to a cash-lite society as well as promote the use of non-cash models of payments.”

According to the BoG, “the aggregate monthly transaction limits will, however, remain unchanged.”

The initial minimum for Know Your Customer (KYC) Account has been reviewed to GH¢2,000 from GH¢1,000 while Medium KYC has been increased to GH¢10,000 from GH¢5,000.

Also, the Enhanced KYC Account has been reviewed to GH¢15,000 from GH¢10,000.

Source: classfmonline.com
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