Bank of Ghana Announces Revised Momo Balance & Transaction Limits Effective March 1, 2024

The Bank of Ghana (BoG) has unveiled a series of adjustments to balance and transaction limits for customers’ mobile money wallets, slated to come into effect on March 1, 2024. This move, as per a statement released by the Ghana Chamber of Telecommunications, aims to accommodate the surge in transactional activities and evolving customer needs.

The revised limits entail an increase in daily transaction caps across various tiers of mobile money accounts. Notably, the minimum account, previously capped at GH¢2,000, will now enjoy a higher limit of GH¢3,000. Likewise, medium accounts, which previously had a limit of GH¢10,000, will see an increment to GH¢15,000.

Enhanced accounts, previously restricted to GH¢15,000 per day, will now have a higher threshold of GH¢25,000. Moreover, maximum account limits have been adjusted upwards, with the minimum account limit rising from GH¢3,000 to GH¢5,000, medium account limits increasing from GH¢25,000 to GH¢40,000, and enhanced account limits climbing from GH¢50,000 to GH¢75,000.

Regarding monthly transaction limits, the minimum account, previously capped at GH¢6,000, will now be set at GH¢10,000. However, there are no alterations to the monthly transaction limits for medium and enhanced accounts.

Customers seeking further clarification on these adjustments are encouraged to reach out to customer service representatives at their respective mobile money service providers across the nation, as outlined in the official announcement.