Bank of Ghana (BoG) has announced revisions to the balance and transaction limits of mobile money wallets, effective March 1, 2024, in response to the growing trends in transactional activities and evolving customer demands.

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This decision follows a surge in mobile money transactions, as highlighted in the 2023 Fintech Sector report released by the Bank, according to the Ghana Chamber of Telecommunications.

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The report disclosed a significant 79 percent increase in the total value of mobile money transactions, reaching GH¢1.9 trillion compared to figures recorded in 2022.

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Moreover, the total value of mobile accounts (funds) held with commercial banks witnessed a 40% increase, reaching GH¢18.3 billion.

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Under the newly approved guidelines, the transaction limits for various customer accounts have been adjusted.

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Minimum Account, Medium Account and Enhanced Account:

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Previous Limits: GH¢2,000, GH¢10,000, and GH¢15,000Revised Limits: GH¢3,000, GH¢15,000, and GH¢25,000, respectively

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Minimum KYC Account:

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Previous Limit: GH¢3,000Revised Limit: GH¢5,000

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Medium KYC Account:

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Previous Limit: GH¢25,000Revised Limit: GH¢40,000

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Enhanced KYC Account:

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Previous Limit: GH¢50,000Revised Limit: GH¢75,000

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Additionally, the Bank of Ghana has raised the monthly transaction limit for Minimum KYC Accounts from GH¢6,000 to GH¢10,000. Meanwhile, there will be no changes to the transaction limits for Medium and Enhanced accounts, which previously had no set limits on monthly transaction values.

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As an advocacy institution, the Ghana Chamber of Telecommunication urges the public to seek clarification at any of their members' customer service centers nationwide.

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