The Bank of Ghana has stated that it has raised the transaction and wallet limitations for mobile money (Momo).
The Bank of Ghana emphasized that the evaluation is an aspect of initiatives aimed at increasing effective payments and promote the smooth transition to a cashless society in a statement released on December 22, 2022.
The review also aims to encourage the adoption of non-cash payment methods.
“The aggregate monthly transaction limits will however remain unchanged,” part of the statement read.
Below is the daily transaction limit after the new review
- Minimum KYC Account which initially had a limit of ¢1,000 has been upgraded to ¢2,000.
- Medium KYC Account with a current limit of ¢5,000 has been increased to ¢10,000.
- Enhanced KYC Account with a ¢10,000 threshold has been reviewed to ¢15,000.
Below is the Maximum account balance limit and monthly transaction limits