Bank of Ghana Suspends Proposed 0.75% MoMo-to-Bank Transfer Fee

The Bank of Ghana has directed Mobile Money Fintech Limited (MMFL) to suspend the implementation of the proposed 0.75 per cent fee on direct wallet-to-bank transfers pending further consultation.

In a statement issued Tuesday, May 26, by the Communications Department, the central bank said the charge, which was expected to take effect on June 1, 2026, has been put on hold to allow for additional stakeholder engagement.

According to the statement, the decision is aimed at ensuring that any adjustments to charges within the mobile financial services sector are introduced fairly while protecting consumers and supporting their financial well-being.

The announcement comes just a day after MTN Ghana informed customers that transfers from Mobile Money wallets to bank accounts would attract a 0.75 per cent charge per transaction, capped at GH¢5, from June 1.  

The proposed charge had generated public discussion among mobile money users, especially businesses and individuals who rely on wallet-to-bank transfers for daily financial transactions. 

The Bank of Ghana, however, did not indicate when consultations would be concluded or whether the proposed fee would eventually be reviewed or reintroduced.