The Bank of Ghana has agreed with banks and mobile network operators on measures to facilitate more efficient payments and promote digital forms of payments for the next three months in the wake of Covid-19 pandemic.
The new measures take effect March 20, 2020.
Per the measures, all mobile money users can send up to GHS100 cash for free but excluding cash out.
This includes sending to a recipient on the same network, or another network via the interoperability platform.
The measures are
All mobile money users can send up to GH100 for free (excluding cash out). This includes sending to a recipient on the same network, or another network via the interoperability platform.
- All mobile phone subscribers are now permitted to use their already existing mobile phone registration details to be on-boarded for Minimum KYC Account.
iii. The daily transaction limits for mobile money are increased as follows:
Daily Transaction Limits
KYC Account Type Current Limit New Limit
Minimum KYC GH300.00 GH1,000.00
Medium KYC Account GH2,000.00 GH5,000.00
Enhanced KYC Account GH5,000.00 GH10,000.00
- The mobile money wallet limits are also increased as follows:
Maximum Account Balance Limits
KYC Account Type Current Limit New Limit
Minimum KYC Account GH1,000.00 GH2,000.00
Medium KYC Account GH10,000.00 GH15,000.00
Enhanced KYC Account GH20,000.00 GH30,000.00
(v) The revised aggregate monthly transaction limits are as follow as:
Maximum Account Balance Limits
KYC Account Type Current Limit New Limit
Minimum KYC Account GH3,000.00 GH6,000.00
Medium KYC Account GH20,000.00 No Limit
Enhanced KYC Account GH50,000.00 No Limit
The Bank of Ghana concluded saying that it is closely monitoring developments as regards the impact of COVID-19 on the domestic economy, and will not hesitate to convene an emergency meeting to deliberate on other measures, if require