MTN Ghana will introduce new charges for Mobile Money (MoMo) transfers to bank accounts, setting a maximum fee of GHS 5 per transaction. These revised charges will take effect on June 1, 2026. Starting that date, all transfers from a MoMo wallet to a bank account will incur a fee of 0.75% of the total amount sent.
This new fee structure means that while a percentage charge applies, no customer will pay more than GHS 5 for any single transfer. MTN communicated this update to its customers via a message on Monday, stating the change is part of efforts to improve services. The decision is expected to generate discussion among the many MoMo users in Ghana.
Mobile Money has become a critical tool for financial inclusion and daily transactions across Ghana. Its broad adoption allows for salary payments, bill settlements, and general money transfers, especially for those without traditional bank accounts. Data indicates that Ghana's banks have seen strong growth, with assets reaching GHS 465 billion, highlighting an active financial ecosystem. The new charges could subtly influence the flow of funds between digital wallets and traditional banking institutions.
MTN explained that the new charge is part of efforts to improve its services for customers. The company provided these details in a message sent directly to its subscribers. This change will likely affect individuals and businesses that rely on MoMo-to-bank transfers for their routine financial activities.
The introduction of this cap at GHS 5 suggests an effort to balance revenue generation with affordability for larger transactions. Financial market observers will monitor how this new fee influences customer behavior and the volume of MoMo to bank transfers. It may also prompt competitors in the mobile money sector to review their own pricing structures, potentially leading to broader market adjustments in digital financial services.
Mobile money transactions have grown significantly in Ghana, contributing to the nation's digital economy. Any alteration to these services has widespread implications for consumers and businesses. The Bank of Ghana has been working to pursue integrated African payment systems, which could also be impacted by such transactional fees. This development underscores the dynamic nature of Ghana's financial technology landscape.