MTN Mobile Money Limited, a subsidiary of MTN Ghana, has effectively implemented the new Bank of Ghana (BoG) daily and monthly limits on mobile money transactions.
It is part of measures to facilitate more efficient payments and encourage a seamless transition to a cash-lite society.
Efficient payments
A press release issued in Accra by MTN MoMo last Wednesday (Jan 4, 2023) said the wallet transaction limit increase would facilitate efficient payments, encourage greater seamless transition into a cash-lite society and promote more digital payments.
“Customers with daily transaction limits of GH¢1,000, GH¢5,000 and GH¢10,000 have had their limits increased to GH¢2,000, GH¢10,000 and GH¢15,000 respectively.
“Additionally, account balance limits of GH¢2,000, GH¢15,000 and GH¢ 30,000 have been increased to GH¢3,000, GH¢30,000 and GH¢50,000 respectively.
“Further to these increases, monthly transaction limits for customers with Medium and Enhanced KYC are limitless while customers with Minimum KYC have a limit of GH¢6,000,” the release said.
Upward review
The acting Chief Executive Officer (CEO) of Mobile Money Limited, Shaibu Haruna, in the release said MTN MoMo was delighted over the upward reviews approved by BoG.
This, he said, followed engagements to assess the possibilities of reviews to enhance digital payments and ultimately drive the cash -lite agenda.
“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,” he said in the release.
According to the release, the upward reviews have been activated for all MoMo subscribers.
However, it said customers who require further enhancements on their wallet were required to provide any of the following documents: utility bill in customer’s name, bank statement, registered tenancy agreement, letter from employer and tax certificate.
Source: graphic.com.gh
