MTN Mobile Money Limited, a subsidiary of MTN Ghana, has effectively implemented the new Bank of Ghana (BoG) daily and monthly limits on mobile money transactions.
It is part of measures to facilitate more efficient payments and encourage a seamless transition to a cash-lite society.
A statement issued by MTN said: Customers with Daily Transaction Limits of GHC 1,000, GHC5,000 and GHC10,000 have had their limits increased to GHC2,000, GHC10,000 and GHC15,000 respectively.”
Additionally, Account balance limits of GHC2,000, GHC15,000 and GHC 30,000 have aslo been increased to GHC3,000, GHC30,000 and GHC 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 GHC 6,000, the statement added.
The wallet transaction limit increase, according to MTN will facilitate efficient payments, encourage greater seamless transition into a Cash-lite society and promote more digital payments.
The Ag. CEO of MobileMoney Limited, Mr. 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.
He said, “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.”
The upward reviews have been activated for all MoMo subscribers. However, Customers who require further enhancements on their wallet would be 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
“The document should be presented at any MTN Service Centre or engage MTN Ghana through its digital channels: Twitter: @MTNGhana or @AskMTNGhana; Facebook: MTN Ghana or WhatsApp:0554300000.”