Accra, Ghana, July 11, 2019//-The General Manager for Mobile Financial Services at MTN Ghana, Eli Hini today called on the Bank of Ghana (BoG) to extend the transaction limits of mobile money services in the country to speed up the country’s quest of becoming a cashlight economy within the shortest possible time.
The last time the BoG reviewed the limit is over four years ago. It is therefore important for the central bank to increase the limits, according to Mr Hini.
Customers in the West African country have raised concerns about some of these transaction limits which the Mobile Financial Services (MFS) providers namely MTN Mobile Money, Vodafone Cash, and AirtelTigo Money had initiated discussions with the BoG to get the transact limits increase.
Speaking at the 2019 MTN Mobile Money’s Stakeholders’ Conference which coincides with the 10th anniversary of MTN Ghana Mobile Money, Mr Hini was confident that the upward review of the transaction limits would be good for the evolution of the country’s MFS industry.
But how much and where it will be increased to and when it will be extended depend largely on the BoG because it is a regulatory issue, he explained.
The First Deputy Governor of BoG, Dr Maxwell Opoku Afari who was one of the key speakers of the conference responded that the bank would do something about the concern raised.
The Electronic Money Issuer (EMI) guidelines issued by the BoG categorised customers e-money accounts into three groups which defined their maximum daily and monthly transaction limits.
Depending on which of the three categories a customer is placed in by the service provider, the daily transaction limit ranges from GH¢300 to GH¢5,000, with the monthly maximum transaction also ranging from GH¢3,000 to GH¢50,000.
Also, the guidelines indicated that the daily and monthly transaction limits of mobile money merchants as they stipulated an aggregate limit on cash-out and outbound payments of GH¢10,000 per day and GH¢100,000 monthly.
African Eye Report
