The Bank of Ghana (BoG) allowed increase in the daily and monthly transaction limitations as well as the maximum wallet balances have been applied by MTN Mobile Money (MoMo).
Customers having Daily Transaction Limitations of GHC 1,000, GHC 5,000, and GHC 10,000 now have limits of GHC 2,000, GHC 10,000, and GHC 15,000, respectively, according to a statement from MTN.
Additionally, the GHC2,000, GHC15,000, and GHC30,000 account balance restrictions have been raised to GHC3,000, GHC30,000, and GHC50,000, respectively.
In addition to these increases, the statement said that clients with Medium and Enhanced KYC have unlimited monthly transaction limits, while those with Minimum KYC have a limit of GHC 6,000.
According to MTN, the increased wallet transaction cap would foster more smooth transition to a cash-lite society, allow efficient payments, and stimulate the use of digital payments.
Mr. Shaibu Haruna, the Ag. CEO of MobileMoney Limited, expressed his happiness over the upward reviews that the BoG had allowed following dialogues to evaluate the potential for reviews to improve digital payments and eventually advance the Cash-lite agenda.
He said, “MML following the approval has gone ahead to implement the directives to ensure that our customers enjoy the convenience of doing various transactions such as the Money Transfer, Bill Payments, receive Remittances, Buy Insurance, Buy Shares, Payment of school fees as well as general goods and services.” “We are calling on all customers to take advantage of the enhancement in wallet size to grow their transactions and improve their livelihoods.”
All MoMo subscribers get access to the positive reviews.
Customers who want further wallet features must present one of the following documents, however:
- Utility Bill in customer’s name,
- Bank Statement,
- Registered Tenancy Agreement,
- Letter from your employer.
- Tax Certificate
“The document should be presented at any MTN Service Centre or engage MTN Ghana through its digital channels: Twitter: @MTNGhana or @AskMTNGhana; Facebook: MTN Ghana or WhatsApp:0554300000.”
Customers are encouraged to report fraud concerns by text to 1515 or 419 and to be wary of the activities of scammers.