Ghana telcos in renewed push for upward review of mobile money transaction figures
Ghana’s telcos have implored the Bank of Ghana to review the maximum amount it allows for mobile financial service transactions in the country. The telcos argue that they are sometimes constrained over the current $1200 maximum and moved to request an upward review.
The suggestion also follows a new regulation on mobile financial services that the central bank has developed to strengthen Ghana’s mobile financial space. According to 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 $1200 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 $250, an aggregate daily transaction limit of $75 and an aggregate monthly transaction limit of $755.
Also, every medium KYC account issued is allowed a maximum balance limit of $2500, an aggregate daily transaction limit of $500 and an aggregate monthly transaction limit of $5000.
In addition, every enhanced KYC account issued shall be subject to a maximum balance limit of $2500, an aggregate daily transaction limit of $1200 and an aggregate monthly transaction limit of $12500.
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 $4 million in 2015 to $9 million in July 2016. Correspondingly, the total value of float at end of July 2016 is reported to be $177 million compared with $91 million in July 2015.
