Mobile Money And How It Has Helped People Of Ghana

Coronavirus Outbreak: Mobile Money Transactions To Be Free In Ghana

As a result caused by the Coronavirus Outbreak, all Mobile Money Transactions To Be Free In Ghana as confirmed by the Bank of Ghana.

The global pandemic has taken over the world as a famous disease in such that, it has caused more fear and panic — though the virus is very dangerous as the disease has no sure and confirmed cure as at now.

What Is Coronavirus?

The Coronavirus disease (COVID-19) is an infectious disease caused by a new virus. Coronavirus disease spreads primarily through contact with an infected person when they cough or sneeze. It also spreads when a person touches a surface or object that has the virus on it, then touches their eyes, nose, or mouth.

With this, a lot of countries and business firms are providing their possible best to prevent the spread of the global pandemic and thus — Ghana is also doing anything best to stop the spread.

Mobile Money And How It Has Helped People Of Ghana

Bank Of Ghana has made collaboration with banks and mobile network operators in Ghana on some of the measures to aid more efficient payments and enhance digital forms of payments for the next three months in the wake of the coronavirus outbreak.

Though this will enhance the use of digital forms of payments, but mobile money cash out transactions are excluded.

Upon confirmation from the Bank of Ghana, this is the statement:

  • 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.
  • All mobile phone subscribers are now permitted to use their existing mobile phone registration details to be on-boarded for minimum KYC Account.

In addition to this, the Bank of Ghana 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.

Furthermore:

we are working with the Communications and Health Ministries, as well as the National Communications Authority to officially announce the existing national emergency short code, 112, as the official helpline for COVID-19.”

“We will also give free access to the Ministry of Health website and other vital websites even if customers do not have data to access.

The Bank of Ghana has also cut primary reserve requirement by two percentage points to provide more liquidity to banks to support critical sectors of the economy.

This happened after several central banks across the world made an outline of common ways to deal with the outbreak of the global pandemic — coronavirus (COVID-19).

Despite the free charges that has been incurred on Mobile Money transactions, the Bank of Ghana has also lowered the country’s Monetary Policy Rate by 150 basis points to 14.5% respectively.

With effect from Friday, March 20, 2020, all transactions involving mobile money from GHS 100 and above will be free. This might be a free mobile money to talk of.

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