The Bank of Ghana (BoG) has announced a revision in the balance and transaction limits of customers’ mobile money wallets, with the changes taking effect from March 1, 2024.
In a statement released by the Ghana Chamber of Telecommunications, the adjustment in limits is attributed to the increasing trends of transactional activities and evolving customer needs in the mobile money space.
Regarding daily transaction limits, customers across various account tiers will experience an upward adjustment. The minimum account, initially capped at GH¢2,000, will now have a limit of GH¢3,000. Medium accounts, previously set at GH¢10,000, will see an increase to GH¢15,000, while enhanced accounts, with a GH¢15,000 threshold, will now have a daily limit of GH¢25,000.
Similarly, the maximum account limits have been revised upwards. Minimum accounts, previously capped at GH¢3,000, will now have a limit of GH¢5,000. Medium accounts, originally set at GH¢25,000, will now have a maximum daily limit of GH¢40,000, and enhanced accounts, with a GH¢50,000 threshold, will enjoy an increased limit of GH¢75,000.
In terms of monthly transaction limits, the revision varies across account tiers. Minimum accounts, previously limited to GH¢6,000, will now have a limit of GH¢10,000. However, both medium and enhanced accounts, which had no limits on the value of monthly transactions, will remain unchanged.
The statement encourages customers to seek clarification from the personnel of member institutions at any of their customer services centres nationwide.
The adjustment in mobile money wallet limits is aimed at accommodating the evolving needs of customers and facilitating increased financial transactions in the mobile money ecosystem.
