Central Bank of Ghana Waives Transaction Fees and Increases Mobile Limits to Support Digital Payments Amid Coronavirus Pandemic

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In order to promote digital transactions and payments and reduce the spread of the coronavirus, the Central Bank of Ghana (BoG) has said all mobile money transfers of GH₵100 ($18) and below will attract no charges from service providers for the next three months in the country.

The bank has also increased mobile money daily limits and doubled the amount digital wallets can hold.

This new policy which is subject for review, will commence Friday, March 20, 2020.

SEE ALSOABSA Kenya, Formerly Barclays Bank Kenya, Waives All Digital Transaction Fees for 90 Days Amid Coronavirus Pandemic

In a statement, the BoG issued the following directive:

The Bank of Ghana has agreed with banks and mobile network operators
on measures to facilitate more efficient payments and promote digital forms of
payments for the next three months, subject to review, effective March 20, 2020.

These are:

  • All mobile money users can send up to GH₵100 for free (excluding cash
    out). This includes sending to a recipient on the same network, or
    another network via the interoperability platform.
  • All mobile phone subscribers are now permitted to use their already
    existing mobile phone registration details to be on-boarded for Minimum
    KYC Account.
  • The daily transaction limits for mobile money are to be increased
  • The mobile money wallet limits are to be increased

As African states battle with the economy burden brought on by this pandemic, it is encouraging to see them move to alleviate its effects on the common people and adopt digital payments as a great alternative to the problem.

 

NB: This publication has advocated for digital payments, especially cryptocurrencies, since inception and will continue to do so far into the future.

 

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