The multinational telecommunications corporation MTN announced in a broadcast that, beginning July 1st, its company will raise the transaction costs associated with withdrawing mobile money to GHS20 for any sums of GHS2,000 and more.
MTN increases Mobile Money cashout fees effective July 1st
Customers of MTN MobileMoney Limited received the following message in an SMS circular from the company: “Y’ello Valued Customer, kindly note that effective July 1, 2023, Cash out transactions below Ghc2,000 will attract a fee of 1%. Cash-out transactions from Ghc2,000 and above will attract a flat fee of Ghc 20. This will be charged to your wallet. Do not pay any other fee to any MoMo agent. Just Momo it”.
At this time, the maximum cost that can be charged for cashing out is 1% of any sum up to GHS1,000, and the maximum fee that can be charged for cashing out amounts that are more than GHS1,000 is GHS10. However, in accordance with the revised circular, the maximum fee has been increased to GHS20, and the maximum amount that is subject to the 1% tax is now up to GHS2,000.
Additionally, this indicates that beginning on July 1, 2023, any cash-out transaction ranging from GHS1,000 to GHS2,000 will be subject to a fee that is more than GHS10.
This is a result of the difficult economic times that have recently been experienced, when individuals have been complaining about surging inflation, increasing prices of products and services, job losses, and low incomes.
The majority of Ghanaians’ digital financial transfers are subject to a vexatious electronic transfer levy (e-levy) of 1%, which has been a burden for the people of Ghana to bear.
MTN has not, as of yet, provided a justification for the increase in cash-out transaction costs that has been implemented at this time.
