MTN MoMo has implemented the Bank of Ghana (BoG)’s approved increase in daily and monthly transaction limits as well as maximum wallet balances.
The wallet transaction limit increase will facilitate efficient payments, encourage a greater seamless transition into a cash-lite society and promote more digital payments.
Customers with Daily Transaction Limits of ¢1,000, ¢5,000 and ¢10,000 have had their limits increased to ¢2,000, ¢10,000 and ¢15,000 respectively.
Additionally, account balance limits of ¢2,000, ¢15,000 and ¢30,000 have been increased to ¢3,000, ¢30,000 and ¢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 ¢6,000.
The Ag. CEO of Mobile Money Limited, Shaibu Haruna expressed his delight over the upward reviews approved by the BoG, following engagements to assess the possibilities of reviews to enhance digital payments and ultimately drive the Cash-lite agenda.
“Mobile Money Limited following the approval has gone ahead to implement the directives to ensure that our customers enjoy the convenience of doing various transactions such as 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.
The upward reviews have been activated for all MoMo subscribers. However, customers who require further enhancements to their wallet are required to provide any of the following documents:
- Utility Bill in customer’s name,
- Bank Statement,
- Registered Tenancy Agreement,
- Letter from your employer,
- Tax Certificate.