BoG suspends implementation of 0.75% wallet to bank transfer fee

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 wallet-to-bank transfers pending further consultations.

The charge, which was expected to take effect from June 1, 2026, has been put on hold as authorities engage stakeholders on the way forward. 

Telecommunications giant MTN Ghana, in a text message sent to customers on Monday, said transfers from MoMo wallets to bank accounts will now attract a fee of 0.75 per cent per transaction, capped at GHS 5.

The message read: “From 1 June 2026, transfers from your MoMo Wallet to bank accounts will attract a fee of 0.75% per transaction, capped at GHS 5.

According to the company, this move “will help us continue to serve you better.”

But the Bank of Ghana, in a press release issued on Tuesday, May 26, said the decision forms part of efforts to ensure that any adjustments to charges within the mobile financial services ecosystem are implemented fairly and in a manner that safeguards consumers.

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

The Bank of Ghana further stressed its commitment to protecting consumers and supporting their financial well-being through broader stakeholder engagement before any new charges are introduced.

المصدر: MyJoyOnline (GH)