The Bank of Ghana (BoG) has directed Mobile Money Fintech Limited to immediately suspend its planned 0.75 per cent fee on direct wallet-to-bank transfers, citing the need for broader stakeholder consultation.
The fee, which was set to take effect on June 1, 2026, has been put on hold following an announcement by MTN Ghana on Monday, May 25, informing subscribers that transfers from MoMo wallets to bank accounts would attract the new charge, capped at GHC5 per transaction.
Notably, the proposed fee would have applied even when customers transferred funds between their own registered MoMo wallet and their own bank account, a service that has traditionally been free.
In its directive, the central bank emphasised its commitment to ensuring that pricing changes within the mobile financial services ecosystem are introduced fairly, with due regard for consumer protection and financial well-being.
Key points from the BoG directive include that the proposed 0.75% fee is suspended pending further consultations, for now, all wallet-to-bank transfers remain free of charge, and existing fees for MoMo-to-MoMo transfers, cash-in, and cash-out services are unchanged.
MTN Ghana has yet to issue an official response to the central bank’s directive.
