The Bank of Ghana has suspended the planned 0.75 percent fee on transfers from MTN Mobile Money wallets to bank accounts following growing public concern and calls for broader stakeholder consultation.
The proposed charge, which was expected to take effect on June 1, 2026, would have affected millions of mobile money users across Ghana. Under the new pricing structure announced earlier by MTN Ghana, customers transferring money from their MoMo wallets to bank accounts would have paid a 0.75 percent fee per transaction, capped at GH¢5.
The decision to halt the implementation was announced by the Bank of Ghana on May 26, 2026. According to the central bank, Mobile Money Fintech Limited has been directed to pause the rollout of the charge to allow for further consultations and engagement with stakeholders in the financial services sector.
The proposed fee immediately triggered strong public reactions after MTN Ghana informed subscribers through text messages that the long standing free service for wallet to bank transfers would end in June. Many Ghanaians expressed concerns that the new charge could increase the cost of digital transactions and negatively affect financial inclusion efforts.
According to MTN’s original communication, the charge would have applied even when customers transferred money between their own registered MoMo wallet and personal bank accounts. Previously, such transactions were carried out without additional fees.
The Bank of Ghana explained that the suspension reflects its commitment to ensuring that any changes within the mobile financial services ecosystem are introduced fairly while protecting consumers and supporting their financial wellbeing.
For now, transfers from MoMo wallets to bank accounts will continue without the proposed 0.75 percent charge. Existing charges on MoMo wallet to wallet transfers, cash withdrawals, and agent transactions remain unchanged.
Public Backlash Intensified Debate Over Digital Transaction Costs
The announcement sparked widespread discussions on social media and in political circles, with many users comparing the proposed fee to the controversial Electronic Transfer Levy that was repealed earlier.
Some critics argued that the additional charge could discourage the use of digital payment systems at a time when Ghana continues to push for a cash lite economy. Others feared small businesses and low income users would be most affected if the fee was implemented.
The issue also generated debate in Parliament, where lawmakers reportedly exchanged views over whether the charge contradicted efforts to reduce the burden of digital transaction taxes on citizens.
Industry analysts say mobile money remains one of Ghana’s most important financial tools, particularly for people without traditional bank accounts. Millions of Ghanaians rely on MoMo services daily for savings, transfers, utility payments, school fees, and business transactions.
According to financial technology experts, introducing additional transaction costs without broad consultation could potentially slow digital financial adoption among lower income users and informal sector businesses.
Mobile Money Continues to Shape Ghana’s Financial System
Over the past decade, mobile money services have transformed Ghana’s financial sector by improving access to digital payments and financial services nationwide.
The growth of MoMo platforms has helped expand financial inclusion, especially in rural communities where traditional banking infrastructure remains limited. The Bank of Ghana has repeatedly highlighted digital finance as an important part of Ghana’s economic modernization agenda.
Analysts believe the central bank’s intervention demonstrates the sensitivity surrounding transaction fees within Ghana’s digital economy.
The suspension now opens the door for further discussions between regulators, telecom operators, banks, fintech companies, and consumer groups before any final decision is taken regarding wallet to bank transfer charges.
MTN Ghana had not officially responded publicly to the Bank of Ghana’s directive at the time of reporting.
For many consumers, however, the suspension provides temporary relief amid rising concerns about the increasing cost of financial transactions and digital services in Ghana
