Bank of Ghana to address concerns of illegal MoMo charges

The Bank of Ghana (BoG) has said discussions are ongoing among relevant stakeholders to address concerns regarding unauthorized deductions on mobile money transfers.

These discussions have been prompted by increasing worries over duplicate fees imposed by banks and mobile money agents during transfers from personal bank accounts to personal mobile wallets.

Dr. Ernest Addison, Governor of the Bank of Ghana, clarified at a recent press briefing that transfers made between oneself, whether across different wallets or into various bank accounts, should not attract any charges. He noted that charges may only apply when the transfer involves a third party.

He emphasized that regulatory efforts are in progress to ensure fairness and transparency in the financial ecosystem.

“If you are conducting transfers for yourself, there should be no charges. Charges are applicable only when third parties are involved, a matter we have previously addressed and continue to examine due to its implications for financial inclusion,” he stated.

There has been active advocacy on most media platforms for the Bank of Ghana's intervention to rectify unauthorized charges reported by mobile money users.

The Ghana Revenue Authority (GRA) has attributed double charges in mobile money and banking transactions to financial institutions.

Dr. Kenneth Ashigbey, CEO of the Chamber of Telecommunications, highlighted that there are no charges associated with depositing money into one’s Mobile Money (MoMo) account. He urged affected individuals to report such deductions promptly to their mobile networks or law enforcement agencies.