According to National Bank of Ethiopia guidelines, there will once more be a daily cap on the amount of money that can be transferred through mobile money services. The proposed directive would raise the maximum amount that users of mobile money services could keep on hand from 100 to 233 percent.
A draft directive for issuing payment processing documents has been made available by the National Bank of Ethiopia and will take the place of the current directive and any amendments that have been in effect since March 2020.
Current legislation; it opened up the previously closed-off mobile money service industry to “Financial Technology Institutions” (Fintech).
In February 2020, the National Bank of Ethiopia updated its policies and did away with the daily dollar limit on the amount of money that customers could transfer. A daily remittance cap is once again set in the revised draft directive, which was distributed to stakeholders two weeks ago.
The acting director of the Payment and Account Settlement System of the National Bank of Ethiopia distributed and signed this draft directive. The most Birr that “Level One” customers can transfer in a single day is 20,000, he said. Customers are permitted to keep a certain amount of money in their accounts at this level.
From the previous cap of 5,000 birr, they can now keep up to 10,000 birr in their account.
Customers who are regarded as being at “level two” are permitted to transfer up to 300 000 birr per day, per the new proposed regulations. According to the directive, the maximum amount of money that customers in this category may keep in their accounts has reportedly reached 70 thousand, including 100 thousand birr.
Source : Ethiopian Insider
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