MoMo transactions to be free following COVID-19 outbreak
Effective Friday, March 20, 2020, all mobile money transactions of up to GH₵ 100 will be free for the next three months.
This comes after the Bank of Ghana 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 in the wake of Covid-19 outbreak.
The latest move, however, excludes cash-out transactions.
In a statement, the Central Bank said:
(i) 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.
(ii) All mobile phone subscribers are now permitted to use their existing mobile phone registration details to be on-boarded for minimum KYC Account.
The statement added “The Bank of Ghana is closely monitoring developments as regards the impact of COVID-19 on the domestic economy, and will not hesitate to convene an emergency meeting to deliberate on other measures if required.
The BoG has also cut primary reserve requirement by two percentage points to provide more liquidity to banks to support critical sectors of the economy.
This comes after other Central Banks across the globe outlined similar measures in dealing with the outbreak of the novel coronavirus (COVID-19).
The Bank of Ghana (BoG) has lowered the country’s Monetary Policy Rate by 150 basis points to 14.5 per cent.
It follows some development in the global financial markets, causing a sharp downturn of global stock prices and a steep rise in emerging markets’ sovereign bond spreads.
“These unfolding developments have further worsened the pre-existing weaknesses in global growth and caused major disruptions to global supply chains with adverse implications for the global economy.”
Read details of the said directive