The Bank of Ghana as part of efforts to facilitate more efficient payments and encourage a seamless transition to a cash-lite society, has reviewed upwardly, the limits set on daily transactions and the maximum account balances on mobile money wallets.
This was captured in a statement issued on December 22, 2022. According to the Central Bank the move should also promote the use of non-cash modes of payment.
Below is a breakdown of the review of daily transactions limits
1. Minimum KYC Account which initially had a limit of ¢1,000 has been upgraded to ¢2,000.
2. Medium KYC Account with a current limit of ¢5,000 has been increased to ¢10,000.
3. Enhanced KYC Account with a ¢10,000 threshold has been reviewed to ¢15,000.
Below is a breakdown of the review of monthly transactions limits
Below is a breakdown of the review of Maximum Account Balance limits
Full press release.
Source: Chamber News Desk