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.
“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