Monrovia, Liberia – GSM Operators in the Country, by directive of Central Bank of Liberia have relaxed charges on Mobile Money services for a period of one month.
This also means all charges to customers for transfer of money from their bank accounts to their mobile money accounts (vice versa) are now suspended for one month.
The move is part of new policy measures instituted by the CBL on Tuesday March 24, 2020, to ease the negative impact of the Coronavirus pandemic on the Liberian economy.
All merchant payment transaction fees for shops, stores, supermarkets, gas stations, general markets and other retail outlets, using mobile money as payment option for goods, are also suspended for one month.
The move is expected to bring relief to many Liberians who often complain of high service fees being charged by Mobile Money Operators in the country.
The CBL said in line with the measures, the daily transaction limit for mobile money transactions has also been adjusted by the CBL for three months, subject to Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) requirements.
“Level 1 Category has been increased from US$250.00 to a maximum of US$500.00 or its equivalent in Liberian dollar. Level 2 Category has been increased from US$1,000.00 to US$2,000.00 or its equivalent in Liberian dollar; and Level 3 Category has been increased from US$2,000.00 to US$4,000.00 or its equivalent in Liberian dollar” the CBL statement added.
The CBL has also adjusted for three months the monthly aggregate transaction limits for purchasing of goods and transfers through mobile money, subject to Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) requirements.
Said the statement, “Level 1 Category has been increased from US$2,000.00 to a maximum of US$3,000.00 or its equivalent in Liberian dollar; Level 2 Category has been increased from US$8,000.00 to US$12,000.00 or its equivalent in Liberian dollar; and Level 3 Category has been increased from US$20,000.00 to US$30,000.00 or its equivalent in Liberian dollar.
The Central Bank said Mobile Money Operators and Commercial banks have also agreed to suspend for one month, all charges for person to person (P2P) funds transfer via internet or mobile banking services.
Among the measures, the CBL has suspended for three months, all charges on the Automated Clearing House (ACH), Direct Credit (DC) and Real Time Gross Settlement System (RTGS).
Commercial banks are accordingly required to suspend all charges to customers related to these Electronic Payment Channels. “The measure will reduce the cost of clearing, payments and transfers for individuals and businesses” the CBL added.
The CBL said the decisions were reached following recent consultative meetings with both Commercial Banks and Mobile Money Operators (MMOs) regarding measures intended to ease the economic burdens of the pandemic on the population.
The CBL has meanwhile reaffirmed its commitment to working closely with the banks to ensure availability of liquidity in the system and assure the public not to panic.
The Bank said it will continue to monitor the economic impact of the coronavirus pandemic and shall take further steps to ease the adverse effects on the Liberian economy.