BoG Halts Proposed Charges on MoMo-to-Bank Transfers

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.