The Bank of Ghana has ordered MTN Ghana to halt a new 0.75% fee on direct mobile money wallet-to-bank transfers. This charge was scheduled to begin on June 1, 2026. The central bank mandated the pause to allow for further discussions and consultations.
This executive decision follows MTN Ghana's announcement on May 25, 2026. The telecommunications giant informed customers via text message about the new fee. The 0.75% charge would apply to all transfers from Mobile Money (MoMo) wallets to bank accounts. The fee had a maximum cap of GHS 5 per transaction. MTN Ghana stated the fee aimed to improve its services and sustainability.
The Bank of Ghana's intervention highlights its commitment to consumer protection. Governor Ernest Addison has previously emphasized the need for fair practices in the financial sector. Global trends show increasing adoption of digital payments in Ghana. Mobile money transactions have surged in recent years. This growth offers convenience but also raises questions about cost structures.
According to sources close to MTN, the fee was intended to address an imbalance. They explained that MTN incurs costs when users deposit money into their MoMo wallets. They also face fees when receiving funds from sources like GhIPSS, Ghana's instant payment system. The current system meant MTN absorbed these costs when customers moved money from MoMo to their bank accounts. This new charge aimed to align with common practices in the traditional banking sector.
The Bank of Ghana's statement stressed its dedication to ensuring financial ecosystem changes protect consumers. "This decision reflects our commitment to ensuring that any changes to charges in the mobile financial services ecosystem are introduced fairly, protect consumers, and support their financial well-being," the statement read. The central bank views this as a way to maintain stability and trust in digital financial services.
The pause in the 0.75% fee will likely be welcomed by mobile money users. They will continue to enjoy direct wallet-to-bank transfers without this added cost for now. The Bank of Ghana's next steps will involve engaging with MTN Ghana and other stakeholders. This dialogue will shape future regulations on digital payment charges. Market watchers will observe these consultations closely. Decisions made could impact the growth trajectory of Ghana's fintech sector.
The incident underscores the Bank of Ghana's role as a regulator. It seeks to balance innovation with consumer welfare. The digital financial services sector in Ghana is rapidly evolving. Over GHS 100 billion in mobile money transactions were recorded in 2023 alone. This rapid expansion necessitates careful oversight.
Further consultations will focus on the cost recovery mechanisms for mobile money operators. They will also explore pricing structures for various digital financial services. The goal is to prevent undue burdens on consumers. This ensures the continued expansion of financial inclusion efforts in Ghana.