In response to the rapid growth in mobile money transactions and evolving customer needs, the Bank of Ghana (BoG) has announced revisions to the balance and transaction limits of mobile money wallets, effective March 1, 2024.

The decision to revise the limits comes after the release of the 2023 Fintech Sector report by the Bank of Ghana, which highlighted a significant surge in mobile money transactions.

According to the report, there was a remarkable 79 percent increase in the total value of Mobile Money transactions, reaching GHS1.9 trillion compared to the figures recorded in 2022.

Additionally, the total value of Mobile Accounts (Funds) held with commercial banks witnessed a 40% increase, reaching GHS18.3 billion.

Acknowledging the growing trends in transactional activities and the need to accommodate evolving customer demands, the Bank of Ghana deemed it necessary to adjust the transaction limits for various customer accounts.

Effective March 1, 2024, the newly approved guidelines include adjustments to the transaction limits for different customer accounts.

These adjustments aim to ensure that mobile money users can effectively conduct their transactions while maintaining the security and integrity of the mobile money ecosystem.

The revisions in transaction limits are expected to provide greater flexibility and convenience for mobile money users across the country. Furthermore, it aligns with the Bank of Ghana's commitment to fostering financial inclusion and promoting the use of digital financial services in Ghana.

As mobile money continues to play a vital role in driving financial inclusion and economic growth in Ghana, the Bank of Ghana remains committed to monitoring and adapting to the evolving needs of mobile money users and the broader financial ecosystem.