Bank Of Ghana Raises Mobile Money Limits Effective March 1

 

If you are a mobile money user in Ghana, you have a reason to smile. The Bank of Ghana (BoG) has recently announced a major revision of the balance and transaction limits of mobile money wallets, effective from March 1, 2024.

This is a welcome development, as it shows that the BoG is responsive to the changing needs and preferences of consumers in the digital financial space. According to the Ghana Chamber of Telecommunications, the revision is a reflection of the growing volume and diversity of transactions that mobile money users are engaging in.

So, what are the new limits and how can they benefit you? Here is a summary of the changes and their implications for different tiers of mobile money accounts.

- Minimum account: This is the basic account that requires minimal identification and verification. The daily transaction limit for this account has been increased from GH¢2,000 to GH¢3,000, meaning that you can send and receive more money per day. The maximum account balance has also been raised from GH¢3,000 to GH¢5,000, giving you more room to save and accumulate funds. The monthly transaction limit has been boosted from GH¢6,000 to GH¢10,000, allowing you to do more transactions per month.

- Medium account: This is the intermediate account that requires a valid national ID card and verification. The daily transaction limit for this account has been hiked from GH¢10,000 to GH¢15,000, enabling you to do larger and more frequent transactions. The maximum account balance has also been increased from GH¢25,000 to GH¢40,000, giving you more capacity to store and manage your money. The monthly transaction limit has been removed, meaning that you can do unlimited transactions per month.

- Enhanced account: This is the advanced account that requires a biometric verification and a bank account linkage. The daily transaction limit for this account has been raised from GH¢15,000 to GH¢25,000, empowering you to do bigger and more regular transactions. The maximum account balance has also been lifted from GH¢50,000 to GH¢75,000, giving you more freedom to save and invest your money. The monthly transaction limit has also been eliminated, meaning that you can do unlimited transactions per month.

As you can see, the new limits are a game-changer for mobile money users in Ghana. They offer more convenience, flexibility, security, and opportunity for financial inclusion and empowerment. Whether you use mobile money for personal or business purposes, you can now enjoy more value and satisfaction from the service.

So, what are you waiting for? Start using mobile money today and take advantage of the BoG's new limits. You will be glad you did.