The Bank of Ghana (BoG) has foretold that there will be no charges for all mobile money transfers of GH¢100 and below from both banks and mobile network operators for the next three months.
This new policy which is subjected to review commenced Friday, March 20, 2020.
BoG mentioned that the policy applies to money transfers to recipients on either the same network or sent to another network using the interoperability platform. Cash-out excluded.
In a statement issued by the central bank, it submitted that “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.”
Meanwhile, the daily transaction limits for mobile money users have been increased, and all mobile phone subscribers are now allowed to use their already existing mobile phone registration details to be on-board for a Minimum KYC Account.
This action, taken by the telecos, is to restrain the movements of customers and also to prevent them from contracting the global pandemic, coronavirus.