MTN withdrawal of MoMo cash-out fee review due to BoG intervention - Sources

MTN Mobile Money Limited Ghana on June 27 withdrew a plan to review the cash-out fee for mobile money transactions.

The firm had earlier announced that starting Saturday, July 1, 2023, customers will experience an adjustment in fees for cash-out transactions that exceed a specific threshold [GH¢2,000 and above].

In addition to the earlier notice served to customers, the telco explained that a GH¢20 flat rate charge on withdrawals of GH¢2,000 and above will be deducted directly from the customer's wallet.

But the decision has since been withdrawn after about 24 hours following an intervention from the Bank of Ghana.

GhanaWeb Business sources indicate that the decision by the Central Bank was aimed at ensuring customers interests were protected and that the right regulatory approval are sought from the BoG.

The sources add that the BoG remains committed to boosting its financial inclusion agenda and safeguarding the interests of all customers of financial services.

Meanwhile, the current fee of 1%, which is capped at GH¢10 remains the charge on all mobile money withdrawals.

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