BY Daniel Bampoe
The Bank of Ghana has ordered the immediate suspension of a proposed 0.75 percent fee on direct mobile money wallet-to-bank account transfers, following mounting public concern over the new digital transaction charge.
The fee, which was scheduled to take effect on June 1, 2026, was announced by MTN Ghana through a customer notification indicating that transfers from MoMo wallets to bank accounts would attract a charge of 0.75 percent per transaction, capped at GH¢5.
According to the telecom operator, the adjustment was intended to support improvements in service delivery within the mobile money ecosystem.
However, the announcement quickly triggered public criticism, with many users expressing concern about the growing number of transaction charges within the digital financial services space, particularly at a time when mobile money has become central to daily business transactions, remittances, salary payments, and informal sector commerce.
In a statement issued on Tuesday, May 26, the Bank of Ghana confirmed that it had directed Mobile Money Fintech Limited, a subsidiary of MTN Ghana to suspend implementation of the fee pending further consultations with stakeholders.
“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 percent fee on direct wallet-to-bank transfers,” the central bank stated.
The regulator explained that the suspension forms part of efforts to ensure that any changes to pricing within Ghana’s digital financial services sector are implemented fairly, transparently, and in a manner that protects consumers.
The Bank further stressed that broader stakeholder engagement would be undertaken before any final decision is reached regarding the proposed charges.
Digital finance under increasing scrutiny
The development comes at a sensitive time for Ghana’s rapidly expanding digital payments industry.
Recent figures released by the Bank of Ghana showed that mobile money transactions reached a record GH¢493.2 billion in April 2026 alone, involving over 967 million transactions nationwide.
The country currently has more than 83 million registered mobile money accounts and nearly one million registered mobile money agents, reflecting the sector’s growing importance to Ghana’s economy.
Over the past several years, Ghana has emerged as one of Africa’s leading digital finance markets, with regulators aggressively promoting interoperability, fintech innovation, and financial inclusion.
Earlier this year, Ghana retained its position as the world’s top-ranked country in the GSMA Mobile Money Regulatory Index, highlighting the country’s strong mobile money regulatory framework.
The latest intervention by the central bank also reflects a broader policy direction being championed by Governor Dr. Johnson Pandit Asiama, who has repeatedly stressed the need to balance digital financial innovation with consumer protection and public trust.
At recent fintech and banking sector engagements, the Governor emphasized that while Ghana’s digital finance ecosystem continues to grow rapidly, regulators must ensure that innovation remains inclusive, affordable, and sustainable.
Industry analysts say the Bank’s decision to halt the proposed fee demonstrates increasing regulatory sensitivity toward consumer welfare, particularly amid concerns that rising transaction costs could discourage digital payments adoption and undermine financial inclusion gains.
For now, customers using mobile money platforms for transfers into bank accounts will continue to operate under the existing fee structure until consultations are concluded.
The Bank of Ghana has not indicated when a final decision on the proposed fee will be announced, but officials insist that any future policy direction will prioritise fairness, transparency, and the long-term stability of the digital financial ecosystem.
