It is a component of efforts to foster a smooth transition to a cash-lite society and enable more effective payments.
The rise in the wallet transaction limit, according to a press release from MTN MoMo last Wednesday (Jan. 4, 2023) in Accra, would make payments more efficient, enable a more seamless transition to a society where there is less cash, and encourage more digital payments.
Customers who previously had daily transaction limits 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.
“In addition, the GH2,000, GH15,000, and GH30,000 account balance restrictions have been raised to GH3,000, GH30,000, and GH50,000, respectively.
The report stated that in addition to these increases, monthly transaction limits for clients with Medium and Enhanced KYC are unlimited while those with Minimum KYC are restricted to GH6,000.
In the press announcement, Mobile Money Limited’s interim CEO, Shaibu Haruna, stated that MTN MoMo was thrilled about the positive reviews that BoG had approved.
According to him, this came after conversations to evaluate the potential for reviews to improve digital payments and eventually advance the cash-lite agenda.
“MML has moved forward with implementing the directives after receiving approval to make sure that our customers have the convenience of carrying out a variety of transactions, including money transfers, bill payments, remittance receipts, insurance purchases, stock purchases, payment of school fees, and general goods and services.”
In the announcement, he stated, “We are encouraging all clients to take advantage of the increase in wallet size to boost their transactions and enhance their livelihoods.
The upward reviews have reportedly been turned on for all MoMo subscribers.
However, it stated that clients who needed additional wallet enhancements had to present any of the following records: a utility bill in their name, a bank statement, a registered tenancy agreement, a letter from their employer, or a tax certificate.