Bank of Ghana Suspends Planned 0.75% Mobile Money Transfer Fee

West Africa WeeklyMay 26, 20261 Mins read700

The Bank of Ghana has suspended a proposed 0.75 percent fee on direct transfers from mobile money wallets to bank accounts, directing Mobile Money Fintech Limited to halt the planned implementation effective June 1, 2026. The central bank announced the suspension on May 26 following widespread public criticism of the new charge, which was initially disclosed by MTN Ghana in a customer message the previous day.

The proposed fee, capped at 5 Ghana cedis per transaction, was set to apply regardless of the transfer amount. However, the Bank of Ghana said in a statement that the suspension would allow for broader stakeholder consultations on the potential impact of the charge on consumers and the digital payments ecosystem. The central bank reaffirmed its commitment to ensuring that any adjustments to mobile financial services charges are introduced fairly and transparently, with due regard for consumer protection and financial wellbeing.

The decision drew immediate approval from business groups and digital payment advocates, including the Freight Forwarders Association of Ghana, which noted that small businesses and importers relying on mobile money interoperability would have been disproportionately affected. The controversy over the proposed fee came shortly after the government abolished the Electronic Transfer Levy, a one percent tax on mobile money transactions, as part of broader efforts to encourage cashless payments.