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    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target – Sector Ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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Containing COVID-19: BoG removes charges for some momo transfers, adjusts limits

byPius Amihere Eduku
March 19, 2020
in Banking And Finance, TECHNOLOGY, Top Stories
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The Bank of Ghana has announced that electronic transfer of money of up to GH¢100 will not attract any charge from March 20, 2020.

In a statement, the Central bank said the decision however excludes cash out transactions on the same network or to different networks.

According to the Bank of Ghana, the move is in line with efforts to allow the digital transfer of money over the next three months in the wake of the coronavirus pandemic.

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“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,” the statement indicated.

Following seven recorded cases of the coronavirus in Ghana, there have been calls to encourage the use of digital payment systems as part of efforts to reduce person to person contact via the use of cash.

The CEO of the Chamber of Telecommunications, Ken Ashigbey, in an earlier interview with Citi Business News admitted to an engagement with the relevant stakeholders to consider the appeal.

This is also to reduce the contact and use of cash which has been identified as a potential means of spreading the coronavirus from one person to another.

Meanwhile, the Bank of Ghana has also announced some adjustments to daily transactions limits, mobile money wallet and aggregate monthly transaction limits for customers.

For instance, the daily transaction limit for an enhanced KYC account has been increased from GH¢5,000 to GH¢10,000.

                                                                Revised daily transaction limits

Also, the maximum mobile money wallet limit for an enhanced KYC account has been increased from GH¢20,000 to GH¢30,000.

                                                        Revised mobile money wallet limits

In addition, the aggregate monthly transaction for an enhanced KYC which is GH¢50,000 will no longer have a limit.

                                                            Revised aggregate monthly transaction limits

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