Central Bank of Ghana waives fees for less than USD 18 mobile money transfers

Friday 20 March 2020 14:57 CET | News

The Central Bank of Ghana (BoG) has said all mobile money transfers of USD 18 and below will attract no charges from service providers for the next three months, given the current circumstances.

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

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. Thus, all mobile money users can send up to USD 18 for free (excluding cash out). This includes sending to a recipient on the same network, or
another network via the interoperability platform.

Moreover, all mobile phone subscribers will be permitted to use their already existing mobile phone registration details to be on-boarded for Minimum KYC Account.

It’s not about denying the reality, it’s about being aware of the beautiful bits of reality. We all know the consequences of this pandemic, and yes, the follow-up will be extremely challenging, but good things happen too, so let’s not ignore them.

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Keywords: mobile money, money transfers, Central Bank of Ghana
Categories: Payments & Commerce
Countries: Ghana
This article is part of category

Payments & Commerce