The Bank of Ghana (BoG) has announced that there will be no charges on 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 will commence Friday, March 20, 2020.

BoG noted 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 have been excluded from this service.

In a statement issued by the central bank, it stated 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 users have been increased, and all mobile phone subscribers are now permitted to use their already existing mobile phone registration details to be onboard for Minimum KYC Account.

This action taken by the telcos is to restrict the movements of customers and also to prevent them from contracting the global pandemic, coronavirus.

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