Starting December 1, we'll cap withdrawal to GHS1,000 per transaction — MoMo agents

Business & Finance Starting December 1, we'll cap withdrawal to GHS1,000 per transaction — MoMo agents
NOV 30, 2023 LISTEN

Mobile Money agents across Ghana will begin restricting cash withdrawals to a maximum of GH¢1,000 per transaction from December 1, as they push for a review of commission rates paid to them.

The four Mobile Money Agents Associations in the country met and jointly decided on this temporary measure to draw attention to their demands for fair compensation.

According to a statement signed by the President of the Mobile Money Agents Association of Ghana (MMAAG), Dela Dunstan Abotsi, agents will restrict withdrawals below GH¢1,000 as they continue to engage mobile network operators on adjusting commission rates.

"Effective 1st December 2023, a temporary measure will be implemented, restricting cash withdrawals to a maximum of Ghc1,000.00 per transaction to customers for all Mobile Money Agents across various service providers. Our goal is to ensure fair compensation for the dedicated agents," the statement dated November 30, said.

It added that if there is no "favorable adjustment" to commissions within a month, the agents would be forced to implement "further action plans."

The agents are reportedly dissatisfied with the current commission structure that sees them earn 0.5% to 3% of transaction values, depending on the network provider and type of service rendered.

They argue the rates are unsustainably low and do not reflect the risks involved nor the essential role they play in driving financial inclusion through mobile money services across the country.

The organizations are calling on all stakeholders including customers to lend their support as discussions continue over the fair compensation of thousands of agents facilitating mobile cash services nationwide.

Isaac Donkor Distinguished
Isaac Donkor Distinguished

News ReporterPage: IsaacDonkorDistinguished