MTN MoMo, a subsidiary of MTN Ghana, has implemented the Bank of Ghana (BoG) approved increase in daily and monthly transaction limits as well as maximum wallet balances.
According to the firm, the increase in the wallet transaction limit will facilitate efficient payments, encourage greater seamless transition into a Cash-lite society and promote more digital payments.
This means 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, ¢515,000 and ¢30,000 have been increased to ¢3,000, ¢30,000 and ¢50,000 respectively.
Again, monthly transaction limits for customers with medium and enhanced Known Your Customer (KYC) are limitless, while customers with minimum KYC have a limit of ¢6,000.
Shaibu Haruna, the Acting Chief Executive of MobileMoney Limited, expressed happiness over the upward reviews by the Bank of Ghana, saying this will 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”, it added.
The upward reviews have been activated for all MoMo subscribers.
However, customers who require further enhancements on their wallet arerequired to provide documents such as :
• Utility Bill in customer’s name,
• Bank Statement,
• Registered Tenancy Agreement,
• Letter from your employer.
• Tax Certificate
