BoG directs MTN to halt 0.75% charge on MoMo-to-bank transfers from June 1

The Bank of Ghana has directed Mobile Money Fintech Limited to pause the implementation of its 0.75% fee on direct wallet-to-bank transfers.

According to a statement issued by the Bank of Ghana, it has called for a pause in the implementation of the fee, which was expected to take effect from June 1, 2026, to allow for further consultation.

“This decision reflects our commitment to ensuring that any changes to charges in the mobile financial services ecosystem are introduced fairly, protect consumers, and support their financial well-being.”

Background

Telecommunications giant MTN Ghana, on May 25, 2026, announced new charges on transfers from Mobile Money (MoMo) wallets to bank accounts, effective June 1, 2026.

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

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

JOY BUSINESS is learning that the charge will only affect customers and does not affect agents and merchants.

Sources close to MTN had argued that it had become necessary to introduce this charge due to the growing gap in the pricing structure.

The source tells JOYBUSINESS that “when customers go to an agent to do a cash-in or when a customer receives funds from GhIPSS, MTN incurs a cash-in cost by way of commission to agents or a GhIPSS fee when we receive funds.”

We are also learning that “when these customers eventually push this fund into their bank account in the current dispensation, MTN completely loses out.”

This, sources say, is to correct the anomaly and align with the fee practice in the banking channel.

المصدر: MyJoyOnline (GH)