The wallet transaction limit increase will encourage more digital payments, more efficient payments, and a smoother transition to a society where there is less use of cash.
The Bank of Ghana (BoG) approved an increase in the daily and monthly transaction limits as well as the maximum wallet balances, which MTN MoMo has put into effect.
The wallet transaction limit increase will foster more seamless transition to a cash-lite society, more efficient payments, and increased adoption of digital payments.
Customers who previously had GHC 1,000, GHC 5,000, and GHC 10,000 daily transaction restrictions have had their limits raised to GHC 2,000, GHC 10,000, and GHC 15,000 equally.
Additionally, the GHC2,000, GHC15,000, and GHC30,000 account balance caps have been raised to GHC3,000, GHC30,000, and GHC50,000, respectively. In addition to these increases, clients with medium and enhanced KYC have unlimited monthly transaction limits, while customers with minimum KYC have a limit of GHC 6,000.
Shaibu Haruna, the acting CEO of MobileMoney Limited, expressed his happiness over the upward reviews that the BoG had allowed after dialogues to evaluate the potential for reviews to improve digital payments and eventually advance the Cash-lite agenda.
“MML has gone ahead to implement the directives to ensure that our customers enjoy the convenience of doing various transactions, such as the Money Transfer, Bill Payments, receive Remittances, Buy Insurance, Buy Shares, Payment of school fees as well as general goods and services,” he said, adding that this was done after the approval. “We are encouraging all consumers to take advantage of the increase in wallet size to increase their transaction volume and boost their standard of living.”