No Charges On Mobile Money Transfers Up To GH¢100 From Friday

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The Bank of Ghana has announced that effective Friday, March 20, mobile money transactions below GH₵100 will attract no charges.

This forms part of an agreement between the central bank and the mobile network operators to promote the use of digital platforms for payments, following the deadly coronavirus outbreak.

This, however, excludes cash withdrawals made through mobile wallets, the Monetary Policy Committee of BoG said in a statement on Wednesday.

“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.” According to the statement, the policy which will run for the next three months is subject to review.

The release also predicts that the coronavirus pandemic could see the growth of the economy take a steep downward plunge to 2.5 per cent in 2020.

The BoG said the 2.5 per cent growth rate would be a “worst-case scenario” impact from the challenges of the disease on the local economy.

The full statement can be read below.


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