No.

TYPE OF ELECTRONIC MONEY ACCOUNT

TRANSACTIONAL LIMIT AND OPERATIONAL REQUIREMENTS

1.

Minimum Know Your Customer Account

1. Has a low transaction limit.

2. Documentation requirements are as specified in the Third Schedule.

3. Account is subject to a maximum balance limit, an aggregate daily transaction limit and an aggregate monthly transaction limit determined by the Bank of Ghana.

2.

Medium Know Your Customer Account

1.Has an intermediate transaction limit.

2. Documentation requirements are as specified in the Third Schedule.

3. Account is subject to a maximum balance limit, an aggregate daily transaction limit and an aggregate monthly transaction limit determined by the Bank of Ghana.

3.

Enhanced Know Your Customer Account and Prepaid Card grade account.

1.Has a high transaction limit with bank

2. Documentation requirements are as specified in the Third Schedule.

3. Account is subject to a maximum balance limit, aggregate daily transaction limit and an aggregate monthly transaction limit determined by the Bank of Ghana.

4. A prepaid card is subject to a maximum balance limit determined by the Bank of Ghana.

4.

Merchant Account

1. Account is intended for a company that needs to receive customer payments, make purchases from suppliers or pay salaries to employees in volumes higher than an Enhanced Know Your Customer account.

2. No limits on account balance, inward receipt of electronic payments, outward bulk transactions or transfers to and from a pre-registered bank account belonging to the merchant.

3. An aggregate limit on cash-out per day determined by the Bank of Ghana.

4. A Merchant Account belonging to a bank or specialised deposit-taking institution shall not be subject to any limits.

5. A Merchant Account may be used to perform outward bulk transactions such as payment of salaries and benefits or other payments determined by the Bank of Ghana.