BoG to increase limit on daily and monthly mobile money transactions

BoG to increase limit on daily and monthly mobile money transactions

- The Bank of Ghana said it would take into consideration suggestions made by operators of mobile money companies for the upward adjustment in the maximum transaction

- Guidelines issued by the BoG categorises customers' e-money accounts into three groups which define their maximum daily and monthly transactions

- Head of Research at the Bank of Ghana, Phillip Abrado-Otoo said the central bank has taken on board suggestions to increase the limit on daily transactions

The Bank of Ghana has said it would take into consideration the suggestions made by operators of mobile money companies for the upward adjustment in the maximum transaction an individual can make in a day.

The Electronic Money Issuer (EMI) guidelines issued by the BoG categorises customers e-money accounts into three groups which defined their maximum daily and monthly transaction limits.

Depending on which of the three categories a customer is placed in by the service provider, the daily transaction limit ranges from GH¢300 to GH¢5,000, with the monthly maximum transaction also ranging from GH¢3,000 to GH¢50,000.

Speaking at the second MOMO@10 Stakeholder Forum, Head of Research at the Bank of Ghana, Phillip Abrado-Otoo said the central bank has taken on board suggestions to increase the limit on daily transactions.

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Per the guidelines the daily and monthly transaction limits of mobile money merchants limit on cash-out and outbound payments of GH¢10,000 per day and GH¢100,000 monthly.

Non-wallet MTN holders are not allowed to transfer or make any payments that exceed GH¢200 per day while wallet holders are also not allowed to transfer or make payments that together exceed GH¢1,000 per day.

In addition, the balance on one’s wallet is not allowed to exceed GH¢10,000.

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In other news, Vice President Dr Mahamudu Bawumia, has launched the world’s first dual purpose EMV and financial inclusion payment card in Accra.

Known as the Gh Dual Card, the new product, being rolled out by the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), is a two-in-one payment card that has both the e-zwich and gh-link applications.

It can therefore be used either as e-zwich, gh-link or both as desired on payment platforms.

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