New details have emerged following the public uproar that followed an announcement by MTN Ghana on the implementation of a 0.75% fee on transfers from MoMo wallets to linked bank accounts.
MTN Ghana earlier announced that Mobile Money wallet-to-bank-account transfers will attract a 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”.
However, the Bank of Ghana (BoG) 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”.
New details emerged that suggest that on 31st January, 2024, the Head of Fintech at the Bank of Ghana, under the leadership of Governor Dr Addison, wrote this OBJECTION to MTN.
In the said letter, the NPP administration okayed MTN to charge 0.75% on your transactions.
The letter, which has gone viral on social media, read, “We refer to your letter dated June 30, 2023, in which you shared a proposal for changes in a list of product offerings. including a cap on cash-out fees, and subsequent correspondence on the same with the Bank.
The Bank has reviewed your revised request and grants a “no objection” as follows:
• Introduction of a fee of 1% for cash out transactions below GHS 2,000.00, and a capped fee of GHS 20.00 for cash outs above GHS 2.000.00:
• Introduction of a 0.75% fee capped at GH$ 5.00 for all transactions initiated from mobile money wallets to bank accounts.
You are also required to take strong punitive actions against agents who abuse customers by charging illegal fees”.
See the letter below:
The Bank of Ghana (BoG) has refuted a publication by MyJoyOnline dated 1 June 2026, suggesting the Central Bank is considering the sale of the newly commissioned headquarters.https://t.co/l7y6EIu3lj #GHnow pic.twitter.com/y3FV9Sdi2I
— GHnow (@ghnow_) June 2, 2026
