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

The decision follows the findings of the 2023 Fintech Sector report, revealing a significant 79 percent increase in the total value of Mobile Money transactions, reaching GH¢1.9 trillion compared to 2022 figures.

Mobile Accounts (Funds) held with commercial banks also saw a 40% increase, reaching GH¢18.3 billion.

The revised guidelines include adjustments to transaction limits for different customer accounts:

Minimum Account, Medium Account, and Enhanced Account:

Previous Limits: GH¢2,000, GH¢10,000, and GH¢15,000

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

Minimum Know Your Customer (KYC) Account:

Previous Limit: GH¢3,000

Revised Limit: GH¢5,000

Medium Know Your Customer (KYC) Account:

Previous Limit: GH¢25,000

Revised Limit: GH¢40,000

Enhanced Know Your Customer (KYC) Account:

Previous Limit: GH¢50,000

Revised Limit: GH¢75,000

Additionally, the monthly transaction limit for a Minimum KYC Account has increased from GH¢6,000 to GH¢10,000. Medium and Enhanced accounts, which had no previous limits on the value of monthly transactions, remain unchanged.

The Ghana Chamber of Telecommunications, as an advocacy institution, encourages the public to seek clarification at any of their members’ customer service centers across the country.