Bank of Ghana Suspends Proposed MoMo-to-Bank Transfer Charges

Bank of Ghana Suspends Proposed MoMo-to-Bank Transfer Charges

The Bank of Ghana has directed Mobile Money Fintech Limited (MMFL) to suspend the implementation of its proposed 0.75 per cent fee on direct mobile wallet-to-bank transfers pending further consultations with stakeholders.

The charge, which was scheduled to take effect on June 1, 2026, has been temporarily halted as authorities work to review the proposal and its impact on consumers.

Earlier, MTN Ghana had informed customers through a text message that transfers from MoMo wallets to bank accounts would attract a 0.75 per cent fee per transaction, capped at GH¢5.

According to the message, the adjustment was intended to help improve service delivery for customers.

However, in a statement issued on Tuesday, May 26, the Bank of Ghana said the suspension forms part of efforts to ensure that any new charges within the mobile financial services sector are introduced fairly and in a way that protects consumers.

“The Bank of Ghana informs the public that Mobile Money Fintech Limited has been directed to pause the implementation of its proposed 0.75 per cent fee on direct wallet-to-bank transfers,” the statement noted.

The central bank further reaffirmed its commitment to consumer protection and financial well-being, stressing that broader stakeholder engagement would be carried out before any decision is taken on the proposed charges.

Source: myjoyonline