The Bank of Ghana has revised the limits on mobile money transactions in the country.
In a public notice issued by the central bank on Thursday, 23 December 2022, the Bank of Ghana explained that the review forms part of measures to “facilitate more efficient payments, encourage the seamless transition to a cash-lite society as well as promote the use of non-cash models of payments.”
The central bank further noted that “the aggregate monthly transaction limits will, however, remain unchanged.”
The initial minimum for Know Your Customer (KYC) Account has been reviewed to GHS2,000 from GHS1,000 while Medium KYC has been increased to GHS10,000 from GHS5,000.
Also, the Enhanced KYC Account has been reviewed to GHS15,000 from GHS10,000.
Meanwhile, the Bank of Ghana said the directive replaces the limits set on mobile money accounts as communicated in the 97th Monetary Policy Committee Press Released dated March 18, 2020.