The Bank of Ghana (BoG) has made revisions to the balance and transaction limits of customers’ mobile money wallets, which will come into effect on March 1, 2024.
This decision was announced in a statement by the Ghana Chamber of Telecommunications, citing the need to align with the increasing trends of transactional activities and evolving customer demands.
Under the new guidelines, daily transaction limits have been increased for different account tiers. For minimum accounts, the limit has been raised from GH¢2,000 to GH¢3,000. Medium accounts will now have a limit of GH¢15,000, up from GH¢10,000, and enhanced accounts will see their daily limit increased from GH¢15,000 to GH¢25,000.
Similarly, the maximum accounts will also have revised limits. Minimum accounts will now have a limit of GH¢5,000, up from GH¢3,000. Medium accounts will see their limit increased to GH¢40,000 from GH¢25,000, and enhanced accounts will have a new limit of GH¢75,000, up from GH¢50,000.
In terms of monthly transaction limits, minimum accounts will see an increase from GH¢6,000 to GH¢10,000. The medium and enhanced accounts, which previously had no limits on the value of monthly transactions, will remain unchanged.
The statement advised customers to seek clarification from the customer service centers of their respective mobile money service providers. These adjustments aim to cater to the changing needs and demands of customers in the mobile money space.
