Telcos want mobile money limits increased

Telecommunication companies are impressing on the Bank of Ghana to review the maximum amount for mobile financial service transactions in the country.

The telcos argue that they are sometimes constrained over the current 5000 cedis maximum and therefore would appreciate an upward push.

The suggestion also follows a new regulation on mobile financial services that the central bank has developed to strengthen Ghana’s mobile financial space.

Speaking to Citi Business News on the calls by the telcos, the CEO of MTN Ghana, Ebenezer Twum Asante maintained that he is hopeful of a positive outcome of negotiations with the regulator for a possible adjustment.

“The transaction limit is currently at about 5000 cedis and the last time it was reviewed was some three or four years ago…we are currently engaging with the central bank to see whether the limit can be raised again,” he stated.

The current regulations categorizes the customers of mobile money services into three; minimum, medium and enhanced.

Under the regulations, every minimum Know Your Customer (KYC) account issued is entitled to a maximum balance limit of GH¢1,000, an aggregate daily transaction limit of GH¢300 and an aggregate monthly transaction limit of GHS¢3,000.

Also, every medium KYC account issued is allowed a maximum balance limit of GH¢ 10,000, an aggregate daily transaction limit of GH¢ 2,000 and an aggregate monthly transaction limit of GH¢20,000.

In addition, every enhanced KYC account issued shall be subject to a maximum balance limit of GH¢ 20,000, an aggregate daily transaction limit of GH¢5,000 and an aggregate monthly transaction limit of GH¢50,000.

Mobile money statistics – BoG

Figures released by the Bank of Ghana show that total volume of mobile money transactions increased by over a hundred percent from 2015 to the end of July this year.

The figure increased from 132,579,112 to 265,214,110 between the period.

Similarly, the value of transactions also increased by almost 119 percent from 16.943 billion cedis in 2015 to 37.068 billion cedis in July 2016.

Correspondingly, the total value of float at end of July 2016 is reported to be GH₵703.64 million compared with GH₵363.65 million in July 2015.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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