BoG increases how much Mobile Money you can send a day

Posted on by Wisdom K.E Hammond
BoG increases how much Mobile Money you can send a day Do you know you can void paying E-levy on any Momo amount you send to an individual or a company? Well, tax avoidance is not a crime, but what is it? Let us understand it, then we can focus our attention on the E-Levy Avoidance strategy. Keep in mind that you can register up to 10 SIMs in your name. Tax avoidance is when an individual or company legally exploits the tax system to reduce tax liabilities, it means paying as little tax as possible while still staying on the right side of the law. Now, this method shared here works better if you regularly send money to a particular individual or company for business or other purposes. Enter into an agreement with the other person that you intend to register one SIM with mobile money functionalities and give them the SIM with your details. The other person or company also does the same with their credentials Swap the numbers so that you receive the other person's or company's SIM. Each time you want to send money to the other person, send from his or her SIM to the other SIM or number in his or her possession By doing this, each time you send Momo, you will not pay E-levy because the funds being transferred are being done from one phone number to another which bears the same details. So let us take Kofi and Ama who send receive money from each other nearly all the time either as business owners or friends or family members. Kofi registers a spare SIM in his name and gives it to Ama, Ama does the same. Whenever Kofi is sending money to Ama, he sends the Momo through Ama's Momo number with him. Ama will receive the money on her other number. As indicated early, this works best if the individual you are entering into the agreement with is someone you often send or receive money from. If it is a business, the same rules apply.

The Bank of Ghana (BoG) increases how much mobile money customers can send in a day for all accounts.

According to the press release, the decision by BoG is to ensure people are not discomforted during the Yuletide.

What is means is that, the daily limit of money transfer that customers can send have been increased.

Spending by mobile money users is expected to inch up during the holidays hence the review.

 

The Bank in a statement issued on December 22, 2022, noted the review is part of measures to facilitate more efficient payments, encourage the seamless transition to a cash-lite society as well as promote the use of non-cash models of payments.

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According to the release, “the aggregate monthly transaction limits will however remain unchanged.”

Those who have been limited to sending a maximum of GHS1000 every 24 hours can now send up to GHS2,000.00 within the same period.

Those who have been limited to sending a maximum of GHS5000 every 24 hours can now send up to GHS10,000.00 within the same period.

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Those who have been limited to sending a maximum of GHS10000 every 24 hours can now send up to GHS15,000.00 within the same period.

 

READ: Christmas Is Here; Samsung Galaxy S8 Price In Ghana

 

The statement indicated that…

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

  2. Medium KYC Account with a current limit of ¢5,000 has been increased to ¢10,000.

  3. Enhanced KYC Account with a ¢10,000 threshold has been reviewed to ¢15,000.

 

Again mobile money accounts (KYC Account ) that have the account balance being limited to GHS2000.00 have had their balances increased to GHS3000.00

Mobile money accounts  (KYC Account ) that have the account balance being limited to GHS15000.00 have had their balances increased to GHS25000.00

Mobile money accounts (KYC Account ) that have the account balance being limited to GHS30000.00 have had their balances increased to GHS50000.00

 

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