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The Bank of Ghana (BoG) has directed Mobile Money Fintech Limited (MMFL) to halt the planned 0.75% fee on direct wallet-to-bank transfers, which was originally set to take effect on June 1, 2026. The pause will allow for further consultations on the matter.
In a statement, the BoG said the decision underscores its commitment to ensuring that any changes in mobile financial services charges are fair, protect consumers, and promote financial well-being.
MTN Ghana had previously announced the end of free transfers from Mobile Money (MoMo) wallets to bank accounts, introducing a 0.75% fee per transaction, capped at GH₵5. The charge applied even when funds were transferred to the sender’s own bank account—a service that was previously free.
The telecom company notified customers via text on the evening of Monday, May 25, 2026:
“From 1 June 2026, transfers from your MoMo Wallet to bank accounts will attract a fee of 0.75% per transaction, capped at GH₵5. This will help us continue to serve you better. Thank you for choosing MoMo.”
Under the proposed fee structure, a GH₵100 transfer would cost 75 pesewas, while transfers of GH₵667 and above would reach the maximum fee of GH₵5. MTN clarified that the fee applies only to wallet-to-bank transfers, while wallet-to-wallet transactions and agent cash-in/cash-out services remain under existing charges.
The announcement marked a significant change in MTN’s mobile financial services pricing, drawing attention from both consumer groups and regulators due to the widespread use of MoMo in Ghana’s digital payment ecosystem.
Story by Efua Nessa