Stephen Quarcoo Gorman, the Executive Member in charge of Operations, Research, and Implementation at the Mobile Money Advocacy Group Ghana (MoMAG), has clarified that the government had no hand in MTN’s proposed 0.75% transfer fee on wallet-to-bank transfers.
Speaking on Atinka FM, Stephen Quarcoo Gorman explained, “Mobile Money Fintech Limited was supposed to communicate the information to its customers because they did not want consumers to be surprised by the charges if implemented. Also, Mobile Money Fintech Limited cannot charge consumers without approval from the Bank of Ghana because the industry is guided by the Electronic Transactions Act”.
“When the BoG rushed to halt the implementation because of the controversies on social media, consumers assumed it was aware of it. I think the BoG should have made MTN communicate directly with its customers. So, I think it was a mistake on the part of the BoG to issue that statement about halting the 0.75% fee,” he stated.
“The E-Levy also affected the banks, and it was not only about mobile money transactions. Also, the E-Levy went to the GRA and not private providers, but this one is limited to MTN,” he explained.
He further added, “We want to educate everyone that the wallet-to-bank transaction fee is charged by MTN and has nothing to do with the government”.
“I want to appeal to the BoG to regulate the amount some of these banks are charging because the fees imposed by some of these banks are outrageous. Also, they have refused to listen. When they want to adjust their charges upwards, they do not properly inform consumers. They are gradually killing us. I see no reason why banks should charge consumers for depositing money,” he added.
“I wish MTN would maintain the zero-charge bank-to-wallet transfer policy. They should rather engage the banks behind closed doors to help consumers. This will also help the banks protect their customers because it will improve deposits into banks,” he said.
His comments come on the back of BoG announcing 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”.
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