The Bank of Ghana (BoG) has revised the balance and transaction limits of customers’ mobile money wallets upward, effective March 1, 2024.
In a statement issued by the Ghana Chamber of Telecommunications on Tuesday, February 27, 2024, it noted that the move is in line with increasing trends of transactional activities and evolving customer needs.
“On daily transaction limits, customers with a minimum account which initially had a limit of GH¢2,000 has been increased to GH¢3,000. Those with a medium account with a current limit of GH¢10,000 has been increased to GH¢15,000. Furthermore, an enhanced account with a GH¢15,000 threshold has been reviewed to GH¢25,000 daily,” the statement noted.
“On maximum accounts, a minimum account which initially had a limit of GH¢3,000 has been revised to GH¢5,000, while medium accounts with a current limit of GH¢25,000 has been upgraded to GH¢40,000. The enhanced accounts with a GH¢50,000 threshold has been reviewed upwards to GH¢75,000,” it added.
The statement further noted that on the breakdown of the review of monthly transaction limits, a minimum account which initially had a limit of GH¢6,000 has been reviewed to GH¢10,000.
The medium account which had no limits on the value of monthly transactions, remains unchanged, as well as the enhanced account which had no limits on the value of monthly transactions, remains unchanged.
Meanwhile, total Mobile Money transactions in the first eight months of 2023 hit a record ¢1.190 trillion, according to the September 2023 Summary of Economic and Financial Data from the Bank of Ghana.
This is compared with ¢655.97 billion recorded during the same period in 2022.
According to the figures from the Central Bank, the month of July 2023 recorded the biggest mobile money transaction of ¢169.6 billion.
From the figures, month-on-month mobile money transactions have been exceeding ¢130 billion.
