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RADP / Pulse Ghana  >  BI  >  Finance

MoMo transfers up to GHC100 is now free

Magdalene Teiko Larnyoh

The Bank of Ghana (BoG) and mobile network operators in Ghana has said that mobile money charges on transfers up to GHC100 is now free.

Mobile money takes over from banks as the main driver of financial inclusion in Ghana
Mobile money takes over from banks as the main driver of financial inclusion in Ghana

This was announced after the Monetary Policy Committee meeting today.

The BoG also increased the daily thresholds for various mobile money wallets. These new directives are effective from March 20, 2020.

In a statement released the BoG said:

“The Bank of Ghana has agreed with banks and mobile network operators

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on measures to facilitate more efficient payments and promote digital forms of

payments for the next three months, subject to review, effective March 20, 2020.

These are:

(i) All mobile money users can send up to GH₵100 for free (excluding cash

out). This includes sending to a recipient on the same network, or another

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network via the interoperability platform.

(ii) All mobile phone subscribers are now permitted to use their already existing

mobile phone registration details to be on-boarded for Minimum KYC

Account.

(iii)The daily transaction limits for mobile money are increased as follows:

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MoMo directive
MoMo directive Pulse Ghana
Magdalene Teiko Larnyoh Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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