The Bank of Ghana has told Mobile Money Fintech Limited (MMFL) to stop a new fee. This fee would charge 0.75 percent for sending money from a mobile money wallet to a bank account. The order came on May 26, 2026. The central bank wants to discuss this further before it happens.
This proposed charge was meant to start on June 1, 2026. MTN Ghana had already informed its customers about the new fee. The company said the fee would help them offer better services. However, the Bank of Ghana stepped in to protect consumers. They stated that any changes to mobile money fees need careful review. This ensures fairness and safeguards customer finances.
Ghana's economy relies heavily on mobile money. Millions of Ghanaians use it for daily transactions. This is part of a larger trend where digital finance is growing fast. In 2023, Ghana's mobile money transaction value reached billions of Ghana cedis. Such fees can affect people who transfer money often. The Bank of Ghana's action shows its commitment to consumer protection in this growing sector. This also follows previous efforts to regulate the digital finance space for stability.
A statement from the Bank of Ghana highlighted its role. "The Bank of Ghana informs the public that Mobile Money Fintech Limited (MMFL) has been directed to pause the implementation of its proposed 0.75 per cent fee on direct wallet-to-bank transfers," it read. This shows the central bank is actively managing the mobile financial services market. They want to ensure market participants act responsibly.
The suspension means more time for discussion. It allows for detailed analysis of the fee's impact. Stakeholders will have a chance to voice concerns and suggestions. The Bank of Ghana will consider these before making a final decision. This approach aims to balance innovation in financial services with consumer interests. The financial markets and mobile money users will watch for outcomes.