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HomeDigital BankingMomo wallet balance& daily transaction value to go up from March 1

Momo wallet balance& daily transaction value to go up from March 1

The Bank of Ghana (BoG) has announced an upward revision of balance and transaction limits for customers’ mobile money wallets, effective March 1, 2024.

This comes in response to the growing trends of transactional activities and evolving customer needs in the digital financial landscape.

According to a statement from the Ghana Chamber of Telecommunications, the adjustments aim to accommodate the increasing demand for mobile money services and provide greater flexibility to users. The revised limits apply to both daily and monthly transaction thresholds across different account tiers.

For daily transaction limits, customers with minimum accounts, previously capped at GH¢2,000, will now enjoy a limit of GH¢3,000. Medium accounts, with a previous limit of GH¢10,000, have been raised to GH¢15,000, while enhanced accounts, initially set at GH¢15,000, will now have a daily limit of GH¢25,000.

Similarly, maximum account limits have also been increased. Minimum accounts, previously restricted to GH¢3,000, will now have a limit of GH¢5,000. Medium accounts, which had a ceiling of GH¢25,000, have been raised to GH¢40,000, while enhanced accounts, previously set at GH¢50,000

In terms of monthly transaction limits, minimum accounts have been adjusted from GH¢6,000 to GH¢10,000. However, there are no changes for medium and enhanced accounts, which remain unchanged in their monthly transaction limits.

The statement emphasized that customers seeking clarification on these adjustments can reach out to the personnel of member institutions at any of their customer service centers nationwide. This proactive measure aims to ensure transparency and provide assistance to users navigating the new limits.

The BoG’s decision to revise mobile money wallet limits reflects a commitment to fostering financial inclusion and enhancing the accessibility of digital financial services for all Ghanaians.

These adjustments are expected to empower users and stimulate further growth in the mobile money ecosystem.

Read full press release from the Ghana Chamber of Telecommunications:

“Accra, February 27, 2024 – The Ghana Chamber of Telecommunications presents its warm
compliments to all customers of its members, the Dedicated Electronic Money Issuers in Ghana.

We would like to use this opportunity to communicate the upward revision of the balance and
transaction limits of customer wallets as approved by the Bank of Ghana.

This would take effect from March 1, 2024. This development is in line with increasing trends of
transactional activities and evolving customer needs.

Below is a breakdown of the review of daily transactions limits;

1. A minimum KYC Account which initially had a limit of ¢2,000 has been upgraded to ¢3,000.

2. A medium KYC Account with a current limit of ¢10,000 has been increased to ¢15,000.

3. An enhanced KYC Account with a ¢15,000 threshold has been reviewed to ¢25,000.

Below is a breakdown of the review of Maximum Account Balance limits;

1. A minimum KYC Account which initially had a limit of ¢3,000 has been reviewed to ¢5,000.

2. A medium KYC Accounts with a current limit of ¢25,000 has been increased to ¢40,000.

3. An enhanced KYC Accounts with a ¢50,000 threshold has been reviewed upwards to ¢75,000.

Below is a breakdown of the review of monthly transactions limits;

1. A minimum KYC Account which initially had a limit of ¢6,000 has been reviewed to ¢10,000.

2. A medium KYC Account which had no limits on the value of monthly transactions, remains
unchanged.

3. An enhanced KYC Account which had no limits on the value of monthly transactions, remains
unchanged.

Kindly reach out to the personnel of our members at any of their customer service centers across
the country, for any clarification you may need.

About the Ghana Chamber of Telecommunications

The Ghana Chamber of Telecommunication is an industry association and a private initiative by
the mobile network operators in Ghana. We are an advocacy institution established to help direct
telecommunications policy, legislation and regulation, and pursue research towards the
development of telecommunications industry.

As the voice of the mobile operators and tower companies in Ghana, we work through direct
engagements with government (institutions), civil society, key stakeholders and consumers to
shape the mobile ecosystem and maximize the socio-economic benefits of mobile in Ghana.

The
Chamber was registered in 2010 and inaugurated in 2011.”

Media Contacts:
For the Chamber:
Louis Bobbie Osei
[email protected]