MoMo withdrawal fees to be revised from July 1

In an effort to inform its customers, MTN, a prominent telecommunications company, has announced a forthcoming modification to its mobile money withdrawal transaction fees. Starting from July 1, 2023, customers can expect an adjustment in fees for cash-out transactions that exceed a specific threshold.

MTN MobileMoney Limited recently dispatched an SMS circular to its customers, providing details about the fee changes. As per the circular, cash-out transactions below GH₵2,000 will now incur a fee equivalent to 1% of the transaction amount.

On the other hand, for cash-out transactions totaling GH₵2,000 and above, a flat fee of GHS20 will be directly deducted from the customer's wallet. It was stressed in the circular that customers should utilize the "Momo" platform for their transactions and should not pay any additional fees to Mobile Money agents.

Currently, MTN imposes a maximum fee of 1% for cash-out transactions up to GH₵1,000, while cash-out transactions exceeding GH₵1,000 are subject to a fee of GH₵10. Under the revised fee structure, the 1% fee will only apply to amounts below GH₵2,000, and the maximum fee has been raised to GH₵20.

MTN's decision to adjust mobile money withdrawal fees has attracted significant attention within its user base.