Mobile Money Balance And Transaction Limits To Be Revised Upward From March 1, 2024
- The Bank of Ghana has revised the balance and transaction limits of mobile money wallets
- This review is set to take effect from March 1, 2024, according to a report citing the telcos chamber
- Edward Ofori Agyeman, the president of the Mobile Money Association of Ghana, told YEN.com.gh this increase was surprising
The Central Bank has reviewed the transaction and balance limits of mobile money wallets upward.
From March 1, 2024, customers with a minimum account, which initially had a limit of GH¢2,000, have been upgraded to GH¢3,000 for daily transaction limits.
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Medium accounts with a current limit of GH¢10,000 have been increased to GH¢15,000.
In the same line, an enhanced account with a GH¢15,000 threshold has been reviewed to GH¢25,000 daily.
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Joy Business reported that the review aligned with increasing transactions and changing customer needs, per a Ghana Chamber of Telecommunications statement.
For enhanced accounts with a GH¢50,000 threshold, the limit has been reviewed upwards to GH¢75,000.
For monthly transactions, the minimum account limit has been reviewed from GH¢6,000 to GH¢10,000.
The medium accounts and enhanced accounts, which had no limits, will not be affected by the review.
This comes amid concerns from vendors about their welfare as mobile money agents.
The agents recently limited cash withdrawals to a maximum of GH¢1,000 per transaction from December 1, 2023.
The decision was announced in a joint statement issued by four Mobile Money Associations.
The groups are pushing for a more sustainable business module for all mobile money agents.
They suspended their action on December 22, 2023, after engagements with the government.
Increased commissions for vendors
Edward Ofori Agyeman, the president of the Mobile Money Association of Ghana, told YEN.com.gh that agents are set to benefit from increased commissions.
Agyeman said maximum commissions had been raised to GH¢8 from GH¢4. This affects transactions of GH¢2,000 and above.
He, however, said the increased wallets by the telcos were on their blind side.
"If you increased the subscriber amount, why didn’t you increase the commission again? So it is like we are at the same place we were."
MTN increases product prices
In a separate story, YEN.com.gh reported that MTN Ghana increased the prices of its product offerings starting November 28, 2023.
The telecommunications company said the price increase is due to increased operational costs.
MTN has several products, including data zone bundles, midnight bundles, social media bundles, regular bundles, etc.
Prior to that, MTN issued a press release apologising to customers after the rest of the zone bundle.
In the release, the telco giant said it was liaising with the NCA, the industry regulator, to get the affordable data package restored.
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Source: YEN.com.gh
