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Bank of Ghana Increases Transaction and wallet Limit on Mobile Money; New limits

The Bank of Ghana has revised limits on mobile money transactions.

As part pf measures to facilitate more efficient payments, encourages seamless transition to a cash-lite society as well as promote the use of non-cash modes of payments, the Bank has reviewed upwardly, the limits set on daily transactions and the maximum account limits will however remain unchanged.

The revised limits on the daily transactions and maximum account balances on mobile money wallets are as follows.

Daily transaction limits for mobile money accounts.

DAILY TRANSACTION LIMITS

Daily  Transaction Limits

KYC Account Type Current Limit New Limit
Minimum KYC Account GHS 1, 000.00 GHS 2,000.00
Medium KYC Account GHS 5,000.00 GHS 10,000.00
Enhanced KYC Account GHS 10,000 GHS 15, 00.00

 

MAXIMUM ACCOUNT BALANCE LIMIT

Maximum Account Balance Limits

KYC Account Type Current Limit New Limit
Minimum KYC Account GHS 2,000.00 GHS 3,000.00
Medium KYC Account GHS 15,000.00 GHS 25,000.00
Enhanced KYC Account GHS 30,000.00 GHS 50,000.00

 

MONTHLY TRANSACTION LIMIT

Monthly Transaction Limit

KYC Account Type Current Limit
Minimum KYC Account GHS 6, 000.00
Medium KYC Account No Limit
Enhanced KYC Account No Limit

 

According to the Bank of Ghana, this limits set on mobile money accounts as communicated in the 97th Monetary Committee Press Release dated March 18, 2020.

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