MoMo Transactions: Bank of Ghana Adjusts MoMo Wallet limits for subscribers effective March 1st.

According to the Ghana Chamber of Telecommunications, this decision comes in response to the surge in mobile money transactions, as highlighted in the 2023 Fintech Sector report released by the Bank of Ghana.

The report revealed a substantial 79 percent increase in the Total Value of Mobile Money transactions, reaching GH₵ 1.9 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 GH₵ 18.3 billion.

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

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

Medium KYC Account:
Previous Limit: GH¢25,000
Revised Limit: GH¢40,000
Enhanced KYC Account:
Previous Limit: GH¢50,000
Revised Limit: GH¢75,000

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

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

Source: Ghana/

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MMAAG represents the Mobile Money Agents Association of Ghana. It's an Association of Mobile Money Agents coming together to streamline mobile money transactions and to protect both its members and other stakeholders to safeguard the business

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