In a move to accommodate the growing trends in transactional activities and evolving customer needs, the Bank of Ghana (BoG) has announced revisions to the balance and transaction limits of mobile money wallets, effective March 1, 2024.
According to the Ghana Chamber of Telecommunications, this decision comes in response to the surge in mobile money transactions, as highlighted in the 2023 Fintech Sector report released by the Bank.
The report revealed a substantial 79 percent increase in the total value of Mobile Money transactions, reaching GH¢1.9 trillion compared to the figures recorded in 2022.
Additionally, the total value of Mobile Accounts (Funds) held with commercial banks witnessed a 40% increase, reaching GH¢18.3 billion.
Under the newly approved guidelines, the transaction limits for various customer accounts have been adjusted:
Minimum Account, Medium Account and Enhanced Account:
Previous Limits: GH¢2,000, GH¢10,000, and GH¢15,000
Revised Limits: GH¢3,000, GH¢15,000, and GH¢25,000 respectively
Minimum Know Your Customer (KYC) Account:
Previous Limit: GH¢3,000
Revised Limit: GH¢5,000
Medium Know Your Customer (KYC) Account:
Previous Limit: GH¢25,000
Revised Limit: GH¢40,000
Enhanced Know Your Customer (KYC) Account:
Previous Limit: GH¢50,000
Revised Limit: GH¢75,000
Furthermore, the monthly transaction limit for a Minimum KYC Account has been increased from GH¢6,000 to GH¢10,000. Medium and Enhanced accounts, which previously had no limits on the value of monthly transactions, will remain unchanged.
The Ghana Chamber of Telecommunication, acting as an advocacy institution, encourages the public to seek clarification at any of their members’ customer service centres across the country.
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