MTN Ghana will implement new charges for transfers from Mobile Money (MoMo) wallets to bank accounts, effective June 1, 2026. The telecommunications company announced a 0.75% fee per transaction, with a maximum charge of GHS 5.
This new fee structure means customers will pay a percentage of their transfer amount up to a fixed limit. For example, a transfer of GHS 500 would incur a charge of GHS 3.75, which is 0.75% of GHS 500. However, a transfer of GHS 1,000 would still cost GHS 5, as it hits the cap before reaching 0.75% of the full amount (GHS 7.50).
Ghana’s financial technology, or 'fintech,' sector has seen significant growth in mobile money use. Over 50 million mobile money accounts exist in Ghana, processing billions of cedis monthly. This new charge could affect many daily financial activities. It adds to the ongoing discussions about the cost of digital transactions in Ghana.
MTN communicated the change to its customers via text message on Monday. The message stated, “From 1 June 2026, transfers from your MoMo Wallet to bank accounts will attract a fee of 0.75% per transaction, capped at GHS 5. This will help us continue to serve you better.” The company did not provide further detailed explanations for the decision beyond this customer notice.
This policy change will likely spark debate among users of Ghana’s mobile money services. Individuals and businesses often rely on MoMo-to-bank transfers for various purposes. These include paying salaries, conducting commercial transactions, and managing day-to-day banking activities. These new charges could impact their financial planning and operating costs.
The move by MTN Ghana signals a growing trend where mobile money operators are seeking to monetise their services more extensively. Mobile money has broadened financial inclusion across Africa, including Ghana, providing essential services to unbanked populations. However, the introduction of fees can sometimes deter usage or shift consumer behaviour towards other payment methods.
Regulators, consumers, and other financial service providers will closely watch the impact of these new charges. The adjustment might lead to a reassessment of mobile money transaction fees across the industry. It could also influence how other telecommunication companies and banks structure their digital payment offerings in the future. The public response to the new fee cap will be an important indicator for the health and direction of Ghana’s digital economy.
This development underscores the dynamic nature of Ghana's digital financial landscape. It highlights the balance between providing accessible financial services and ensuring commercial viability for providers. The cap at GHS 5 offers some relief for larger transactions, ensuring that very high transfers do not incur excessively high fees.