The Bank of Ghana (BoG) has announced that they have directed Mobile Money Fintech Limited (MMFL) to suspend the implementation of its proposed 0.75% fee on direct wallet-to-bank transfers.
According to the BoG press release, the suspension is to allow further consultations.
In a press release issued on Tuesday, May 26, 2026, the Bank of Ghana wrote, “The Bank of Ghana informs the public that Mobile Money Fintech Limited MMFL, has been directed to pause the implementation of its proposed 0.75 per cent fee on direct wallet-to-bank transfers. The fee was scheduled to take effect on 1 June 2026, but is now on hold to allow for further consultation.
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”.
BoG press release follows MTN Ghana, which earlier announced that Mobile Money wallets to bank accounts transfer will attract 0.75% fee per transaction.
According to MTN Ghana, the new charge on transfers from Mobile Money wallets to bank accounts takes effect on June 1, 2026.
The notice added that the charge will be capped at GH¢5 per transaction regardless of the amount transferred.
MTN Ghana stressed that the adjustment is aimed at helping improve its services to customers.
In a message sent to customers on Monday, May 25, MTN Ghana stated, “Y’ello Valued Customer, From 1 June 2026, transfers from your MoMo Wallet to bank accounts will attract a fee of 0.75% per transaction, capped at GHS 5. This will help us continue to serve you better. Thank you for choosing MoMo”.
Some Ghanaians reacting to the development stated, “This is the response you get from the citizenry when you lie about everything to gain political power.. E-levy was always gonna come back haunting the current government with their public gimmicks about it. Now here we go with them indirectly charging it through the back door”.
“As for the E-Levy, it had always been a grand scheme to bring it back through the back door… crooks and criminals in suits were making money out of it. The financial system is a scam and has always been so”, a netizen added.
“Vampires!! These are just databases communicating with each other. No physical money actually moves, plus we pay for data!
A criminal society where almost every institution is trying to profit off the citizens because we are digitally inclined? @thebankofghana why? Rot in hell!”, an X user added.
One X user, “MTN, a company from South Africa with high internet charges making profits year upon year, is not satisfied with its exploitation of Ghanaians, its hunger and greed for Ghanaians coins needs to be stopped, it’s time MTN is nationalised, we don’t want them in our country”.
“Essentially, E-Levy is back in a different form. Why should I be charged for transferring money from my MoMo account to my own bank account? I hope it’s not true”, a netizen added.
“But why are people shouting. I don’t use mtn, i use Telecel, and from Telecel cash to banks is 1%, and the cap is 10cedis currently…so why are people complaining about 0.75% and a 50cedis cap??”, a netizen added.
One X user added, “@samgeorgegh, what are you doing about this? This network has been taking money from the poor for more than years, and what are we doing about this? We can’t even have unlimited wifi for 350 a month, which 35 people can use for every month. Sit up, please”.
A netizen added, “Banks like GCB are already charging their customers 1% capped at 20ghc. Meaning GCB customers will now pay 25ghc on transactions (max threshold)”.
See the post below:
Press Release: Suspension of proposed 0.75 percent wallet-to-bank transfer feee pending further consultation. pic.twitter.com/cUJ3JllnSp
— Bank of Ghana (@thebankofghana) May 26, 2026
