Effective today, March 20, 2020, all mobile money transfers of GH₵100 and below will attract no charges from service providers for the next three months, the Bank of Ghana has announced.
The latest development for MOMO users forms part of measures to facilitate more efficient payments and promote digital forms of payments, as well as to reduce the impact of the COVID-19 on the Ghanaian economy.
“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.
All MOMO 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,” a release from Bank of Ghana disclosed.
Below is excerpt from the BoG’s release for MOMO users
These are: (i) All MOMO 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.
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(ii) All mobile phone subscribers are now permitted to use their already existing mobile phone registration details to be on-boarded for Minimum KYC Account.(iii)The daily transaction limits for mobile money are increased as follows in the attached document:
“The Bank of Ghana is closely monitoring developments as regards the impact of COVID-19 on the domestic economy, and will not hesitate to convene an emergency meeting to deliberate on other measures, if required,” it said in a statement.
Meanwhile, following examples of how central banks across the world are dealing with global economic trends, amidst the outbreak of the novel coronavirus (COVID-19), the BoG has cut primary reserve requirement by 2 percentage points to provide more liquidity to banks to support critical sectors of the economy.
