According to a report originally shared by Graphic Online, a significant increment in the transaction costs for withdrawing mobile money has been announced by MTN.
To this end, customers will see an increase in costs for cash-out transactions over a specific amount starting on July 1, 2023.
MTN MobileMoney Limited recently informed its clients about the change in an SMS circular. The circular states that cash-out transactions under GH2,000 would now be charged a fee of 1% of the transaction value.
However, a fixed fee of GHS20 would be deducted from the customer’s wallet for cash-out transactions of GH2,000 and more. The circular further highlighted that users should only utilize the “Momo” platform for their transactions and not pay any additional fees to Mobile Money agents.
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.
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