MTN Ghana has cancelled the intended increment on the charges for Mobile Money transactions of GHS2,000 and above which was scheduled to take effect on July 1, 2023.
Customers were previously informed through an SMS circular from MTN that a 1% fee would be applied to all cash-out transactions below Ghc2,000 beginning on July 1, 2023.
“Y’ello Valued Customer, kindly note that effective July 1, 2023, Cash out transactions below GHC2,000 will attract a fee of 1%. Cash-out transactions from Ghc 2,000 and above will attract a flat fee of Ghc 20. This will be charged to your wallet. Do not pay any other fee to any MoMo agent. Just Momo it”.
The company’s management has reportedly reversed their earlier decision.
“The planned review of the cash-out fee for MoMo has been withdrawn. The current cash-out fee of 1%, capped at GH¢10 remains and will be charged to your wallet. Do not pay any other fees. We apologize for any inconvenience this may have caused.”
Currently, MTN levies a fee of GH10 for any cash-out transaction that exceeds GH1,000, in addition to a maximum cost of 1% for transactions up to GH1,000. The maximum price has been raised to GH20 under the new pricing structure, and the 1% fee will only be charged on sums under GH2,000. The change in MTN’s mobile money withdrawal fees has attracted interest from its user base.
For the most part, Ghanaians have also been subjected to an unpleasant 1% electronic transfer fee (e-levy) on all digital financial transfers.
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