BoG increases mobile money transaction limits effective March 1

The Bank of Ghana (BoG) has announced significant revisions to the balance and transaction limits of customers’ mobile money wallets, effective March 1, 2024. This strategic move, as communicated by the Ghana Chamber of Telecommunications, reflects the evolving landscape of transactional activities and the shifting needs of consumers in the digital financial ecosystem.

In response to burgeoning transaction volumes and evolving consumer demands, the BoG has taken decisive steps to adjust both daily and monthly transaction limits across various tiers of mobile money accounts.

Under the new framework, the daily transaction limits for different account tiers have been adjusted upwards. Notably, the minimum account category, which previously had a limit of GH¢2,000, has been revised to GH¢3,000, reflecting a concerted effort to accommodate increased transactional activities.

Similarly, medium and enhanced accounts have witnessed substantial increments in their daily transaction thresholds, with the former climbing from GH¢10,000 to GH¢15,000, and the latter ascending from GH¢15,000 to GH¢25,000.

Moreover, maximum account limits have been revised upwards, signaling the BoG’s commitment to fostering greater financial inclusivity and flexibility. The minimum account limit has been revised upwards from GH¢3,000 to GH¢5,000, while medium and enhanced accounts have seen their maximum limits rise from GH¢25,000 to GH¢40,000 and from GH¢50,000 to GH¢75,000, respectively.

The monthly transaction limits have also undergone recalibration, with the minimum account threshold being elevated from GH¢6,000 to GH¢10,000. In contrast, the medium and enhanced account categories continue to enjoy unrestricted monthly transaction values, reaffirming the BoG’s endorsement of digital financial empowerment across diverse consumer segments.

The revisions to mobile money wallet limits underscore the BoG’s proactive stance in fostering a dynamic and inclusive financial ecosystem, thereby propelling Ghana towards greater financial resilience and prosperity.

Source:norvanreports