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Bank of Ghana increases MoMo wallet limits effective March 1

The Bank of Ghana (BoG) has announced an upward revision of balance and transaction limits for customers' mobile money wallets, effective March 1, 2024.

Mobile money booth

This move comes in response to the growing trends of transactional activities and evolving customer needs in the digital financial landscape.

According to a statement from the Ghana Chamber of Telecommunications, the adjustments aim to accommodate the increasing demand for mobile money services and provide greater flexibility to users. The revised limits apply to both daily and monthly transaction thresholds across different account tiers.

For daily transaction limits, customers with minimum accounts, previously capped at GH¢2,000, will now enjoy a limit of GH¢3,000. Medium accounts, with a previous limit of GH¢10,000, have been raised to GH¢15,000, while enhanced accounts, initially set at GH¢15,000, will now have a daily limit of GH¢25,000.

Similarly, maximum account limits have also been increased. Minimum accounts, previously restricted to GH¢3,000, will now have a limit of GH¢5,000. Medium accounts, which had a ceiling of GH¢25,000, have been raised to GH¢40,000, while enhanced accounts, previously set at GH¢50,000, will now enjoy a limit of GH¢75,000.

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In terms of monthly transaction limits, minimum accounts have been adjusted from GH¢6,000 to GH¢10,000. However, there are no changes for medium and enhanced accounts, which remain unchanged in their monthly transaction limits.

The statement emphasized that customers seeking clarification on these adjustments can reach out to the personnel of member institutions at any of their customer service centers nationwide. This proactive measure aims to ensure transparency and provide assistance to users navigating the new limits.

The BoG's decision to revise mobile money wallet limits reflects a commitment to fostering financial inclusion and enhancing the accessibility of digital financial services for all Ghanaians.

These adjustments are expected to empower users and stimulate further growth in the mobile money ecosystem.

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