Source: newsthemegh.com
With effect from March 1, 2024, the Bank of Ghana (BoG) has announced substantial changes to the balance and transaction restrictions of its customers’ mobile money wallets.
The Ghana Chamber of Telecommunications announced this strategic decision, which takes into account how transactional activities are changing and how customer expectations are changing within the digital banking ecosystem.
The BoG has decisively changed the daily and monthly transaction limitations for all mobile money account tiers in response to increasing transaction volumes and changing customer preferences.
The daily transaction limits for various account tiers have been raised in accordance with the new system. The minimum account category, which was formerly limited to GH¢2,000, has been changed to GH¢3,000, indicating a deliberate attempt to handle a rise in transaction activity.
Comparably, the daily transaction thresholds for medium and enhanced accounts have increased significantly, going from GH¢10,000 to GH¢15,000 for the former and GH¢25,000 to GH¢25,000 for the latter.
Additionally, the BoG has increased the maximum account limits, indicating its commitment to promoting greater financial freedom and equality.
The maximum limits for medium and enhanced accounts have increased from GH¢25,000 to GH¢40,000 and from GH¢50,000 to GH¢75,000, respectively, while the minimum account limit has been raised from GH¢3,000 to GH¢5,000.
The monthly transaction limitations have also been adjusted, and the GH¢10,000 minimum account threshold now applies to all transactions. The previous GH¢6,000 minimum was set.
On the other hand, the BoG supports digital financial empowerment for a variety of consumer segments, as seen by the unrestricted monthly transaction values that the medium and enhanced account categories continue to enjoy.
The adjustments to the mobile money wallet limitations highlight the Bank of Ghana’s (BoG) proactive approach to developing a vibrant and inclusive financial environment, which will advance Ghana’s financial stability and prosperity.