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Here are the new Momo balance & transaction limits

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The Bank of Ghana (BoG) has announced an upward revision of balance and transaction limits for customers’ mobile money wallets, with changes set to take effect from March 1, 2024.

According to a statement released by the Ghana Chamber of Telecommunications, this adjustment aligns with the growing volume of transactional activities and evolving customer requirements.

Under the revised limits, daily transaction caps have been raised across different tiers of mobile money accounts. The minimum account, previously capped at GH¢2,000, will now have a limit of GH¢3,000, while medium accounts, previously set at GH¢10,000, will see their limits increased to GH¢15,000.

Similarly, the threshold for enhanced accounts, previously at GH¢15,000, has been elevated to GH¢25,000 per day. Maximum account limits have also been adjusted upwards, with the minimum account limit rising from GH¢3,000 to GH¢5,000, medium account limits increasing from GH¢25,000 to GH¢40,000, and enhanced account limits climbing from GH¢50,000 to GH¢75,000.

In terms of monthly transaction limits, the minimum account, previously capped at GH¢6,000, will now have a limit of GH¢10,000. However, there are no changes to the monthly transaction limits for medium and enhanced accounts.

Customers seeking clarification on these changes are advised to contact customer service representatives at the respective mobile money service providers across the country, as stated in the announcement.

Read the entire release below;

FOR IMMEDIATE RELEASE

MOBILE MONEY WALLETS – UPWARD REVISION OF CUSTOMER BALANCE AND TRANSACTION LIMITS

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.

 

Source: Graphic

Busines, News

New restriction on MOMO transaction could derail digitization of Micro, Small and Medium Sized Enterprises- ISSER

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The Institute of Statistics, Social, and Economic Research has indicated that the new restriction on mobile money (MOMO) transactions could derail the digitization of micro, small, and medium-sized enterprises and progress in the cash-lite economy.

In a press statement copied to the Ghana News Agency, the Institute acknowledged that the proposed rate would have a minimal impact on small-value transactions.

However, ISSER noted that the move would adversely impact micro, small, and medium enterprises that rely on MoMo for their financial transactions.

“Worthy of attention is the potential impact on micro and small enterprises, especially traders and farmers within the agricultural value chains concentrated in rural areas. For these segments, especially traders and transporters of foodstuffs who rely on MoMo to address security concerns with carrying cash across the country, an increase in cost is likely to be transferred to consumers,” the statement said.

This move, the institute said, could be a trigger for both food and non-food inflation.
The institute raised concern that beyond the move to restrict MoMo transactions, the developing social media-driven e-commerce ecosystem, which relies on MoMo for payment, would also see the transfer of the revised charges to consumers.

“As service providers on the various e-commerce platforms will pass on the charges to consumers in the form of increased prices of goods and services,” the statement said.

In a joint statement copied to the media, MOMO agents around Ghana said they would implement a temporary measure that limits cash withdrawals to GHS 1,000 per transaction from December 1.
ISSER said that the potential impact of the restrictions might be significant, particularly for neglected and last-mile populations.

“On average, 76 percent of mobile money agents are within 30 minutes of consumers in rural areas. On the other hand, it takes 2 hours for over 50 percent of rural dwellers to reach an ATM, with only about 40 percent being able to reach a bank or microfinance in two hours,” the statement said.
This situation ISSER said that many MoMo users in rural areas, where ATMs, banks, and microfinance institutions were not an option, would be confronted with the option of either enduring the high transaction costs or resorting to cash.

 

 

 

Source: GNA