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BoG suspends 0.75% MTN MoMo-to-Bank transfer fee

Edem Kwame
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The Bank of Ghana has directed Mobile Money Fintech Limited to suspend its planned 0.75 percent charge on direct wallet-to-bank transfers.

The proposed fee, which was scheduled to take effect from June 1, 2026, has been put on hold pending further stakeholder consultations, the central bank announced on Tuesday, May 26, 2026.

The move comes after MTN Ghana informed customers on Monday, May 25, that transfers from MoMo wallets to bank accounts would attract a 0.75 percent transaction fee, capped at GH₵5.

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Under the proposed arrangement, customers would have been charged even when transferring money between their own registered MoMo wallet and personal bank account—a service that had previously been offered free of charge.

In a statement, the Bank of Ghana explained that the suspension is part of its commitment to ensuring fairness within Ghana’s mobile financial services sector while safeguarding consumer interests and financial well-being.

The central bank also clarified that, for now, wallet-to-bank transfers will continue without the proposed charge.

Existing charges on transfers between MoMo wallets, as well as cash-in and cash-out transactions at mobile money agent points, remain unchanged.

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As of Tuesday evening, MTN Ghana had not officially responded to the directive issued by the Bank of Ghana.

Why the Decision Matters

The proposed fee had sparked public concern among mobile money users, with many questioning the introduction of charges on a service that has become a key part of digital banking and financial transactions in Ghana.

Mobile money remains one of the most widely used financial services in the country, serving millions of users for payments, transfers, savings, and business transactions.

The Bank of Ghana’s intervention is expected to provide temporary relief to customers while further discussions take place regarding the proposed charges.

Edem Kwame

Edem Kwame is a journalist at GH News Media covering business and national developments in Ghana.

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