The Bank of Ghana has directed Mobile Money Fintech Limited (MMFL) to suspend the implementation of its proposed 0.75 per cent fee on direct Mobile Money wallet-to-bank transfers.
The charge, which was scheduled to take effect from June 1, 2026, has been put on hold pending further consultations between regulators and stakeholders within Ghana’s digital payments ecosystem.
In a statement, the central bank said the decision is part of efforts to ensure that any adjustments to fees in the mobile financial services sector are introduced fairly, while safeguarding consumer interests and financial well-being.
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The development comes after MTN Ghana announced plans to end free MoMo wallet-to-bank transfers by introducing a 0.75 per cent transaction fee, capped at GH₵5 per transfer.
The telecom company communicated the change to customers through a text message sent on Monday, May 25, 2026, informing millions of Mobile Money subscribers that transfers from MoMo wallets to bank accounts would now attract the new charge.
Under the proposed fee structure, a GH₵100 transfer would incur a charge of 75 pesewas, while transactions valued at GH₵667 or more would reach the maximum fee cap of GH₵5.
The charge was expected to apply even when customers transferred money from their own MoMo wallets to their personal bank accounts — a service that had previously been free.
“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,” MTN’s customer message stated.
MTN, however, clarified that the proposed fee affects only wallet-to-bank transfers, while wallet-to-wallet transactions as well as cash-in and cash-out services through agents would continue under existing charges.
The planned introduction of the fee sparked widespread public discussion, with consumer advocates and financial analysts raising concerns about the potential impact on digital financial inclusion and the cost of electronic transactions in Ghana.
The latest intervention by the Bank of Ghana is therefore expected to provide temporary relief to MoMo users as broader stakeholder engagements continue.