MoMo Wallet-to-Bank Charges Suspended as CUTS International Commends Bank of Ghana

Policy think tank CUTS International has welcomed the decision by the Bank of Ghana (BoG) to suspend a proposed 0.75% charge on transfers from Mobile Money (MoMo) wallets to bank accounts, describing the move as a positive step toward protecting consumers and maintaining trust in Ghana’s financial system.

The proposed fee, announced by Mobile Money Fintech Limited (MMFL), a subsidiary of MTN Ghana responsible for managing MoMo services, was scheduled to take effect on June 1, 2026. However, the central bank has directed that the implementation be put on hold pending further consultations.

CUTS International Welcomes Suspension of MoMo Wallet-to-Bank Charges

In a statement, Mr. Appiah Kusi Adomako, West Africa Regional Director of CUTS International, praised the Bank of Ghana for acting quickly after concerns were raised about the new fee structure.

“This is exactly the kind of proactive regulatory oversight that builds public trust in our financial system,” he stated.

According to CUTS International, any changes to charges within Ghana’s mobile money ecosystem should be introduced transparently, fairly and in accordance with existing regulations.

The organization argued that consumers should be given sufficient notice before significant pricing changes are implemented, allowing them enough time to assess the impact and consider alternative service providers if necessary.

Concerns Raised Over Notice Period

MMFL announced on May 25 that transfers from MoMo wallets to bank accounts would attract a 0.75% fee per transaction, capped at GH¢5.

CUTS International expressed concern that customers were given less than a week’s notice before the proposed implementation date, describing the move as inconsistent with principles of fair competition and consumer protection.

The organization noted that the charge would have applied even when customers transferred funds between their own registered MoMo wallets and personal bank accounts, a service that had previously been offered free of charge.

According to CUTS, consumers deserve adequate time to understand major changes to service fees and make informed decisions regarding their financial service providers.

Bank of Ghana Prioritises Consumer Protection

The Bank of Ghana said the suspension reflects its commitment to ensuring that changes within the mobile financial services sector protect consumers and support their financial well-being.

The regulator emphasized that any adjustments to fees and charges in the digital financial ecosystem must be introduced in a manner that is fair, transparent and consistent with regulatory requirements.

Industry observers say the decision highlights the growing importance of consumer protection as mobile money services continue to play a central role in Ghana’s financial inclusion agenda.

Mobile Money Remains Key to Financial Inclusion

CUTS International stressed that mobile money has become an essential part of daily life for millions of Ghanaians and remains a critical driver of financial inclusion across the country.

The organization urged MMFL to engage constructively with regulators, consumer groups and stakeholders to develop a fee structure that balances business sustainability with consumer interests.

“Mobile money has come to stay. It is central to our financial inclusion story and the daily lives of millions of Ghanaians. Any changes to its fee structure must therefore be handled with the utmost care, transparency and respect for the consumer,” the statement said.

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Source: GNA