A limit will be placed on the amount of money that can be transferred through mobile money service

The National Bank of Ethiopia has issued guidelines that will re-impose the limit on the amount of money that can be moved in a day through mobile money services. The draft directive increases the amount of money that customers using mobile money services can hold in their accounts from 100 to 233 percent.

This draft, issued by the National Bank of Ethiopia, is a draft guideline for payment processing document issuance that replaces the guideline and its amendments in force since March 2020. Current policy; It opened up the mobile money service sector, which was limited to financial institutions, to “Financial Technology Institutions” (Fintech).
Through the National Bank of Ethiopia in February 2022 The revised policy lifted the cap on the amount of money customers could transfer during the day. The new draft directive, which was circulated to stakeholders two weeks ago, has again imposed limits on the amount of daily remittances.

This draft instruction was signed and distributed by the Acting Director of the Payment and Account Settlement System of the National Bank of Ethiopia. “Level One” customers cannot transfer more than 20 thousand birr in one day, he said. Customers placed at this level; The amount of money they can keep in their account has been increased from five thousand to 10 thousand birr.
The new draft guidelines state that the amount of money that customers classified as “level two” can transfer in a day is up to 300 thousand birr. According to the directive, the amount of money that customers in this category can keep in their accounts has reached 70 thousand, including 100 thousand birr.

#Via Ethiopian Insider “

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