The MoMo-to-Bank Transfer by Mobile Money Fintech Limited has been halted by the Bank of Ghana, following growing public attention and concerns over the impact of the charges on consumers.
The 0.75% fee on direct wallet-to-bank transfers, which was scheduled to take effect on June 1, 2026, would have applied to transfers from mobile money wallets to bank accounts, with charges capped at GH¢5 per transaction.
In a statement, the central bank said the suspension would allow for broader stakeholder engagement and further consultations before any final decision is taken on the proposed charges.
“This decision reflects our commitment to ensuring that any changes to charges in the mobile financial services ecosystem are introduced fairly, protect consumers, and support their financial well-being,” the Bank of Ghana stated.
The intervention comes just a day after MTN Ghana informed customers via text message that transfers from MoMo wallets to bank accounts would incur the new transaction fee beginning June 1.
According to MTN, the introduction of the Momo transfer charge formed part of efforts to improve service delivery within the mobile money ecosystem.
However, further information gathered indicates that the proposed fee would only affect customers transferring funds from their wallets into bank accounts and would not apply to mobile money agents or merchants.
Sources familiar with the development explained that the telecom company considered the charge necessary due to what it described as an imbalance in the current pricing structure for mobile money transactions.
According to the sources, MTN incurs operational costs whenever customers deposit cash through agents or receive transfers through the Ghana Interbank Payment and Settlement Systems platform, commonly known as GhIPSS.
The sources further indicated that under the current arrangement, the company does not recover any fees when customers subsequently transfer those funds from their mobile wallets into bank accounts.
Industry insiders say the proposed charge was intended to address that gap and align mobile money transfer pricing more closely with transaction fee structures within the traditional banking sector.
The decision by the Bank of Ghana to halt the implementation is expected to trigger wider discussions among regulators, telecom operators, banks and consumer groups over the future of digital transaction charges in Ghana’s growing mobile financial services industry.
By: Janice Opoku-Agyemang
