The Bank of Ghana has directed Mobile Money Fintech Limited to suspend its planned 0.75 per cent charge on direct mobile money wallet-to-bank account transfers.

The proposed fee, which was expected to take effect from June 1, 2026, has been put on hold to allow for further stakeholder consultations, the central bank announced on Tuesday, May 26.

The directive follows a notice issued 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, customers would have been charged even when transferring funds from their own registered MoMo wallet to their personal bank account — a service that has so far been offered free of charge.

In a statement, the Bank of Ghana explained that the suspension forms part of efforts to ensure that any adjustments to charges within the mobile financial services space are implemented in a fair and transparent manner, while safeguarding consumer interests and financial well-being.

For the time being, customers will continue to enjoy free transfers from MoMo wallets to bank accounts, as the proposed charges remain suspended.

The central bank further clarified that existing charges on MoMo wallet-to-wallet transfers, 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.

MTN Ghana has announced that Mobile Money users will begin paying charges for transfers from their MoMo wallets to bank accounts effective June 1, 2026, ending years of free transfers for customers moving funds between their own accounts.

In a text message sent to subscribers on Monday evening, May 25, the telecommunications company disclosed that all MoMo-to-bank transfers will now attract a fee of 0.75 per cent per transaction, capped at GH₵5.

Under the new pricing structure, customers transferring GH₵100 from their MoMo wallet to a bank account will pay 75 pesewas, while transfers of GH₵667 and above will attract the maximum charge of GH₵5.

The fee will apply to all bank transfers, including transactions involving bank accounts belonging to the same individual who owns the MoMo wallet. Previously, MTN customers enjoyed free transfers when moving funds between their personally registered MoMo wallets and bank accounts.

According to the company, the move forms part of efforts to improve service delivery to its growing customer base.

“From 1 June 2026, transfers from your MoMo Wallet to bank accounts will attract a fee of 0.75% per transaction, capped at GH₵5. This will help us continue to serve you better. Thank you for choosing MoMo,” the message to customers stated.

The development marks a significant change in MTN Ghana’s mobile financial service charges, particularly for customers who frequently transfer money from MoMo wallets into bank accounts for business and personal transactions.

However, the company clarified that the new charge applies only to transfers from MoMo wallets to bank accounts. Existing charges for MoMo-to-MoMo transfers, as well as cash-in and cash-out transactions at agent points, remain unchanged.

The Court of Appeal has unanimously restored the operating licence of GN Savings and Loans Company Limited, overturning an earlier High Court ruling that upheld the Bank of Ghana’s decision to revoke the company’s licence.

The latest judgment effectively nullifies the Bank of Ghana’s 2019 decision to shut down the financial institution as well as the subsequent High Court ruling that affirmed the action. The appellate court also ordered the receiver to return possession, management and control of the company’s assets and operations to its shareholders.

Background

GN Savings and Loans, formerly known as GN Bank, evolved from First National Savings and Loans (FNSL) and grew into one of Ghana’s largest indigenous financial institutions with branches across the country.

As part of Ghana’s financial sector clean-up exercise initiated in 2018, the Bank of Ghana introduced stricter regulatory and capital requirements for banks and specialised deposit-taking institutions. Following its inability to meet the new minimum capital requirement for universal banks, GN Bank was downgraded to a savings and loans company on January 4, 2019, and subsequently renamed GN Savings and Loans Company Limited.

However, on August 16, 2019, the Bank of Ghana revoked the company’s operating licence, citing insolvency, liquidity challenges, breaches of corporate governance and violations of prudential regulations. The move formed part of the broader banking sector reforms aimed at sanitising Ghana’s financial industry. Eric Nana Nipah was later appointed receiver for the company.

The decision was strongly contested by Groupe Nduom, led by businessman Dr. Papa Kwesi Nduom, who argued that the revocation was unfair and unreasonable. According to the shareholders, the Bank of Ghana failed to adequately consider significant debts owed to the company by the government and some state institutions.

In January 2024, the High Court ruled in favour of the Bank of Ghana and upheld the revocation of the licence. Dissatisfied with the judgment, the shareholders proceeded to the Court of Appeal to challenge the ruling.

The Court of Appeal’s latest decision is being viewed as a major legal victory for Groupe Nduom and has reignited public debate over Ghana’s controversial banking sector clean-up exercise.