Today's Ghana Business, Banking and Economic news

The Transport Operators Union and the Concerned Drivers Association of Ghana announced a 30% increase in transport fares, set to take effect from Thursday, March 7.

The Registrar of Companies, Jemima Oware, has urged entrepreneurs to legitimise their business ideas to ensure legality over patent, trademarks and copyrights.

The Bank of Ghana(BoG) has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective March 18, 2024.

Construction of a large-scale apparel manufacturing facility has commenced in Savelugu in the Northern Region to create over 1,600 jobs for women and youth in Northern Ghana.

The Bank of Ghana (BoG) has effective today, March 1, 2024, revised the balance and transaction limits of customers' mobile money wallets upward.

A statement from the Ghana Chamber of Telecommunications pointed out that the development is in line with increasing trends of transactional activities and evolving customer needs.

“On daily transaction limits, customers with a minimum account which initially had a limit of GH¢2,000 has been increased to GH¢3,000. Those with a medium account with a current limit of GH¢10,000 has been increased to GH¢15,000. Furthermore, an enhanced account with a GH¢15,000 threshold has been reviewed to GH¢25,000 daily,” the statement noted.

“On maximum accounts, a minimum account which initially had a limit of GH¢3,000 has been revised to GH¢5,000, while medium accounts with a current limit of GH¢25,000 has been upgraded to GH¢40,000. The enhanced accounts with a GH¢50,000 threshold has been reviewed upwards to GH¢75,000,” it added.

The statement further noted that on the breakdown of the review of monthly transaction limits, a minimum account which initially had a limit of GH¢6,000 has been reviewed to GH¢10,000.

The medium account which had no limits on the value of monthly transactions, remains unchanged, as well as the enhanced account which had no limits on the value of monthly transactions, remains unchanged.

Read the entire release below;

MOBILE MONEY WALLETS – UPWARD REVISION OF CUSTOMER BALANCE AND TRANSACTION LIMITS

Accra, February 27, 2024 - The Ghana Chamber of Telecommunications presents its warm compliments to all customers of its members, the Dedicated Electronic Money Issuers in Ghana.

We would like to use this opportunity to communicate the upward revision of the balance and transaction limits of customer wallets as approved by the Bank of Ghana.

This would take effect from March 1, 2024. This development is in line with increasing trends of transactional activities and evolving customer needs.

Below is a breakdown of the review of daily transactions limits;

1. A minimum KYC Account which initially had a limit of ¢2,000 has been upgraded to ¢3,000.

2. A medium KYC Account with a current limit of ¢10,000 has been increased to ¢15,000.

3. An enhanced KYC Account with a ¢15,000 threshold has been reviewed to ¢25,000.

Below is a breakdown of the review of Maximum Account Balance limits;

1. A minimum KYC Account which initially had a limit of ¢3,000 has been reviewed to ¢5,000.

2. A medium KYC Accounts with a current limit of ¢25,000 has been increased to ¢40,000.

3. An enhanced KYC Accounts with a ¢50,000 threshold has been reviewed upwards to ¢75,000.

Below is a breakdown of the review of monthly transactions limits;

1. A minimum KYC Account which initially had a limit of ¢6,000 has been reviewed to ¢10,000.

2. A medium KYC Account which had no limits on the value of monthly transactions, remains unchanged.

3. An enhanced KYC Account which had no limits on the value of monthly transactions, remains unchanged.

Kindly reach out to the personnel of our members at any of their customer service centers across the country, for any clarification you may need.

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The Bank of Ghana (BoG) has revised the balance and transaction limits of customers' mobile money wallets upward, effective March 1, 2024.

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The Bank of Ghana and the Development Bank Ghana are set to launch the inaugural 3i Africa Summit today, Monday,  February 26, 2024 — a fintech festival to drive Innovation, Investment and Impact for Africa’s Fintech and Financial Services sectors.