LIMIT CHANGE REQUIREMENT

New Subscriber Know Your Customer (KYC) Requirements

The new limits below will apply to all subscribers to conform to the new regulations by Bank of Ghana. Below are the key highlights:

1)            Every Minimum KYC account issued shall be subject to a maximum balance limit of GH¢1,000, an aggregate daily transaction limit of GH¢300

and an aggregate monthly transaction limit of GHS¢3,000.

2)            Every Medium KYC account issued shall be subject to a maximum balance limit of GH¢10,000, an aggregate daily transaction 

limit of GH¢ 2,000 and an aggregate monthly transaction limit of GH¢20,000.

3)            Every Enhanced KYC account issued shall be subject to a maximum balance limit of GH¢ 20,000, an aggregate daily transaction limit of GH¢5,000 and an aggregate monthly transaction limit of GH¢ 50,000.

The following types of identification documents (IDs) are considered acceptable for the Purposes of Customer Due Diligence:

National ID, Voter ID, Driver’s License, National Health Insurance Scheme (NHIS) ID, SSNIT ID, and Passport. The following minimum requirements

shall be adhered to for the various categories of accounts stated below:

For Minimum, Medium & Enhanced KYC accounts, the customer must provide In addition to the Valid national ID required ANY of the following:

*Utility Bills (Water, Electricity, Cable TV bills etc)

*Registered Tenancy Agreement

*Employer’s Reference Letter (Employer to confirm that they know where you live and the address provided is correct).

*Bank Statement (Just the page where the customers address is). This should be stamped and sign to confirm that the bank account is active.

*Tax Clearance Certificate or Income Tax Certificate

Merchant Interface: USSD /Web Channel

1.    Money transfer “token” is referred to as  “voucher” on ECW

2.    Merchants can see the name of the recipient he/she is sending a transaction to before confirming the transaction with their pin.

This will only apply for USSD and Internet Channels for now. 

3.    Merchants will be mandated to enter sender name, number as well as recipient’s name and number when performing a cash to cash transaction.

Once the token is generated, it will be transmitted directly to the sender and recipient’s numbers provided and not available to the merchant.

4.    Merchants can also verify the name and number for both sender and recipient’s before Caching Out a tokens.

5.    There are two types of Money Transfer Cash Out transactions

a)    Account To Cash – To cash out this type of token, you need to select “Redeem

Voucher”

b)    Cash To Cash – To cash out this type of token, you need to select “Redeem Cash Voucher”

6.    User Id is referred to as Employee Id

7.    POS - Account Handlers can assign and un-assign POS to themselves in order to transact

8.    Commission - There's a separate account for commission. Merchants can move funds from the money account to the commission

account and vice versa

9.    Statement Requests- Names of Merchants and Subscribers are not displayed in the statement, only phone numbers are displayed

10. Authorization – There is no feature for 2nd authorization of a transaction

11. The merchant interface on ECW is called Partner Web

12. Commission - There's a separate account for commission. Merchants can move funds from the money account to the

commission account and vice versa

13. Telephone numbers entered on the web interface must always be inputted in the international format starting with 233, eg. “233244300000”

14. Point of Sale - Numbers registered for a merchant as POS can be viewed by the specific merchants

15. Money Transfer Cash in (token) can be done via the internet channel

16. Money Transfer Cash out (token) can be redeemed via the internet channel

17. Token notifications can be resent to the sender and receiver by the merchant who generated the token

18. A merchant can search for a transaction using the transaction ID

Subscribers

1.    A Subscriber can see the name of recipient he/she is sending a transaction to before confirming the transaction with their pin.

This will only apply for USSD and Internet Channel transactions and not SAT.  

2.    For ported out and recycled numbers, the customer’s wallet will have their wallets automatically be closed once their main MTN account

has been taken off from the network.

3.    Subscribers will be mandated to enter recipient’s name and number when performing an Account to Cash transaction.

Once the token is generated, it will be transmitted directly to the recipient’s numbers provided.