MoMo agents suspend decision on GH¢1,000 limit for withdrawals

The Mobile Money Advocacy Group (MoMAG) have rescinded their earlier decision to impose a GH¢,1000 limit on mobile money cash withdrawals from December 1, 2023.

A statement issued by the Group said the decision follows a series of engagements with relevant authorities in the telecommunications sector with regard to fair compensation for their services.

“The suspension would take effect immediately while we wait for the final resolution as promised by the Ghana Chamber of Telecommunications and other Telcos,” MoMAG said.

“We believe that failure to heed this call of truncating this action will amount to disrespect to these institutions who had a fruitful meeting with us – the four mobile money associations. We think it will be prudent to hold on with the action for now,” it added.

The group further entreated its members to revert to the previous mode of transaction while awaiting the final outcome of engagements in 2024.

“MoMAG, however, dissociates itself from any publication/announcement/information and any association(s) which seems to affix itself to the previous (November 25, 2023) decision of GH¢1000 withdrawals,” it added.

The Mobile Money Advocacy Group in November this year issued a directive that it will implement a temporary measure to limit withdrawals to a maximum of GH¢1,000 per transaction from December 1, 2023.

The group cited inadequate compensation for their services as the reason for the move.



MA/NOQ

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