Mobile money is gradually gaining acceptance as the most widely used payment option in Ghana and Africa as a whole thereby leading to financial inclusion. However, one major challenge customers have to grapple with in the use of mobile money is transactional limits on mobile money wallets.
Customers are sometimes unable to pay for goods and services because they have unknowingly exceeded their transactional limits. This causes a lot of inconvenience for customers at merchant points.
Due to the surge in mobile money transactions over the years, there have been calls for the Bank of Ghana to increase transactional limits on the mobile money service. Over a year (2016/2017), the value of mobile money transactions recorded a growth of 98.5%. That is an increase from of GH¢78.5 billion recorded in December 2016 to GH¢155.8 billion as at December 2017.
The Bank of Ghana on July 6, 2015 launched the E-Money Issuers Guidelines to regulate mobile money services in the country. The E-Money Issuers Guidelines (EMI) categorizes mobile money wallets into three; minimum, medium and enhanced category. Under the regulations, every minimum Know Your Customer (KYC) account issued is entitled to a maximum balance limit of GH¢1,000, an aggregate daily transaction limit of GH¢300 and an aggregate monthly transaction limit of GHS¢3,000. Also, for every medium KYC account issued, it is allowed a maximum balance limit of GH¢ 10,000, an aggregate daily transaction limit of GH¢ 2,000 and an aggregate monthly transaction limit of GH¢20,000.
In addition, every enhanced KYC account issued shall be subject to a maximum balance limit of GH¢ 20,000, an aggregate daily transaction limit of GH¢5,000 and an aggregate monthly transaction limit of GH¢50,000.
The need for education by service providers
Until such a time the Bank of Ghana finds it necessary for an upward review in the transactional limits on mobile money wallets, MMPGhana.com urges operators to regularly and periodically inform their subscribers on their status. This can be through SMS alerts to inform them of their wallet type and the restrictions associated with it in terms of subscribers daily and monthly transactional limits.
Notwithstanding the current limitation on mobile money wallets, it is still possible for one to have his mobile money wallet increased from a lower tier to a higher tier depending on his KYC type. A minimum KYC wallet holder can have his wallet increased to a medium KYC. More so a medium KYC mobile money wallet can be increased to an enhanced KYC to allow for higher transaction value for customers.
Finally, mobile money subscribers can visit their operator’s shops or mobile money partner banks to have their wallets upgraded to a higher tier to conduct higher transactions volume.