Banking and Finance
BoG to Engage Financial Institutions on Transfer Charges Following E-Levy Removal
The Bank of Ghana (BoG) has launched an investigation into the return of transfer charges by some commercial banks following the recent removal of the Electronic Transfer Levy (E-Levy).
Many customers have raised concerns about the reappearance or hike in fees on transactions between personal bank accounts and mobile money wallets—fees that seemed to re-emerge almost immediately after the E-Levy was scrapped.
BoG data reveals a sharp GHC 5 billion decline in total deposits across the banking sector between March and April 2025. While the Central Bank has not confirmed the cause of the drop, Governor Dr. Johnson Asiama stated that the affected banks will be engaged to promote transparency and protect consumer interests.
“It came to our attention that some banks are introducing these charges. We are currently investigating. I’m aware of at least one bank involved. This has been duly noted, and we will look into it thoroughly,” Dr. Asiama said during a Monetary Policy Committee briefing in response to a question from Citi Business News‘ Nii Larte Lartey.
In contrast, mobile money platforms have seen a surge in usage. The total value of mobile money transactions climbed to GHC 365.0 billion in April 2025, a 3.8% rise from GHC 351.7 billion in March—making it the highest monthly figure recorded this year.
Transaction volumes also increased, with the number of transfers rising from 764 million in March to 778 million in April, highlighting the growing preference for mobile money in both personal and business dealings.
The BoG attributes this growth to greater mobile penetration, the expansion of agent networks, and the convenience of digital financial services. These trends are contributing significantly to financial inclusion and accelerating Ghana’s transition toward a cash-lite economy.