The Telecommunications company MTN has announced that it will increase its mobile money withdrawal transaction fees to GHS20 for all amounts of GHS2,000 and above starting from July 1st, 2023.
This means that any cash-out transaction between GHS1,000 and GHS2,000 will also attract more than GHS10. Currently, the maximum fee charged for cash-out is 1% for any amount up to GHS1,000 and GHS10 for all cash-out transactions above GHS1,000.
In an SMS circular to customers, MTN MobileMoney Limited said that the fee increase will be charged to customers’ wallets and that they should not pay any other fee to any MoMo agent.
However, MTN is yet to explain the reason for the increase in cash-out transaction fees at this time.
The announcement has caused concern among Ghanaians who rely on mobile money services for their daily transactions. The 1% electronic transfer levy (e-levy) that was introduced earlier this year has already been a burden on many Ghanaians who use digital financial transfers frequently.
The rationale behind the increase is yet to be explained by the company, but it is expected to cause further financial strain on citizens already facing economic hardship.
