The Bank of Ghana has announced new transaction limits for merchant accounts, making it easier for small and medium-sized businesses (SMEs) to access and use digital financial services. This update is part of the Bank’s ongoing efforts to support business growth and improve financial inclusion across the country.
Back in December 2020, the Bank introduced a system of tiered merchant account categories, allowing different types of businesses to open merchant accounts based on the size and nature of their operations. These accounts were linked to mobile wallet limits in place at the time.
However, with changing market trends and customer needs, the Bank has reviewed and updated the limits. The new changes ensure that merchant account categories are now better aligned with customer wallet limits, making the system more practical and flexible for users.
- Tier 1 Merchant Account: For small, informal businesses. These accounts can hold up to GH₵5,000 and receive up to GH₵10,000 per month. To open one, the business owner must provide a Ghana Card and either a local assembly business license or a tax receipt.
- Tier 2 Merchant Account: For growing businesses. These accounts can hold up to GH₵40,000 with no monthly transaction limit. In addition to the documents required for Tier 1, business owners must also present a Tax Identification Number (TIN).
- Tier 3 Merchant Account: For registered companies. These accounts can hold up to GH₵75,000, also with no transaction limit. Requirements include a certificate of incorporation, a certificate to commence business, a TIN, and bank account details.
According to the Bank of Ghana, these changes will help businesses of all sizes find account types that suit their needs, especially as the country’s digital economy continues to grow. The central bank also made it clear that any future changes to customer wallet limits will automatically apply to the merchant accounts, keeping everything in sync.
The Bank says it remains committed to supporting the growth of SMEs by making financial services more accessible, secure, and tailored to the needs of local businesses.
This latest move highlights how Ghana is continuing to build a modern, inclusive financial system where more people and businesses can benefit from digital payments.
