Bank of Ghana suspends proposed 0.75% MoMo-to-Bank transfer charge

The Bank of Ghana has directed Mobile Money Fintech Limited to suspend its proposed 0.75 per cent charge on direct transfers from mobile money wallets to bank accounts.

The fee, which was scheduled to take effect from June 1, 2026, has been put on hold to allow for further stakeholder engagement and consultations.

The directive follows an announcement by MTN Ghana on Monday, May 25, informing customers that transfers from MoMo wallets to bank accounts would attract a 0.75 per cent fee per transaction, capped at GH¢5.

Under the proposed arrangement, the charge would also have applied to transfers made by customers from their own mobile money wallets to their personal bank accounts, a service that had previously been free.

In a statement issued on Tuesday, May 26, the central bank explained that the suspension forms part of its efforts to ensure that any changes to charges within the mobile financial services sector are implemented fairly and with adequate consumer protection measures.

The Bank of Ghana added that the move is intended to safeguard the financial well-being of users while maintaining confidence in the country’s digital payments ecosystem.

For now, transfers from MoMo wallets to bank accounts will continue without the proposed charge.

The central bank also clarified that the existing charges on transfers between MoMo wallets, as well as cash-in and cash-out transactions at agent points, remain unchanged.

MTN Ghana is yet to officially respond to the Bank of Ghana’s directive.