• February 27, 2020

BoG to raise limit on MoMo transactions

The Bank of Ghana (BoG) has said it is considering suggestions made by operators of mobile money companies for the upward adjustment in the maximum transaction an individual can undertake in a day.

The Central Bank has Electronic Money Issuer (EMI) guidelines that categorises customers e-money accounts into three groups which defined their maximum daily and monthly transaction limits.

At present, depending on which of the three categories a customer is placed in by the service provider, the daily transaction limit ranges from GH¢300 to GH¢5,000, with the monthly maximum transaction also ranging from GH¢3,000 to GH¢50,000.

The daily and monthly transaction limits of mobile money merchants as captured by the guidelines stipulated an aggregate limit on cash-out and outbound payments of GH¢10,000 per day and GH¢100,000 monthly.

Citing an example with respect to MTN, non-wallet holders are not allowed to transfer or make any payments that exceed GH¢200 per day while wallet holders are also not allowed to transfer or make payments that together exceed GH¢1,000 per day. In addition, the balance on one’s wallet is not allowed to exceed GH¢10,000.

However, Head of Research at the Bank of Ghana, Phillip Abrado-Otoo speaking at the second MOMO@10 Stakeholder Forum, said the central bank has taken on board suggestions to increase the limit on daily transactions.

“The Bank of Ghana is cognizant of some of these issues and we will send it across to the appropriate departments and they will look at all these issues and try to incorporate some of them into the policy framework that is currently being worked on.”

Phillip Abrado-Otoo, Head of Raesearch, BoG

He further stated there is a payment system department that has been set up to look at all these things and are cooperating with stakeholders to come out with the appropriate policy framework to guide the sector.

Edward Kyei Frimpong-Mybeeponline


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