Ghana News

MTN increases Mobile Money cashout fees effective July 1st

The mobile money withdrawal transaction charge will increase to GHS20 for all withdrawals of GHS2,000 or more starting on July 1st, according to telecommunications behemoth MTN in a broadcast.

“Hello Valued Customer, kindly note that effective July 1, 2023, Cash out transactions below GHC2,000 will attract a fee of 1%,” MTN MobileMoney Limited stated in an SMS to subscribers. A flat fee of GHC 20 will be applied to cash-out transactions of GHC 2,000 and higher. Your wallet will be charged for this. Don’t give any MoMo agent any further money. Simply Momo it.

Currently, the maximum cash-out fee is GHS10 for all cash-out transactions over GHS1,000 and 1% for any amount up to GHS1,000. But according to the revised circular, the maximum price has increased to GHS20 from GHS10 and the 1% now applies to amounts less than GHS2,000.
This follows a period of economic hardship during which residents have been complaining about high inflation, rising goods and service prices, job losses, and poor income.

Additionally, for the majority of their digital financial transfers, Ghanaians have been forced to pay an annoying 1% electronic transfer fee (e-levy).

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However, MTN has not yet provided an explanation for why the fees for cash-out transactions have increased.


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