Ghanaians will not pay charges on some MoMo transfers until June 20 - GhIPPS
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Ghanaians will not pay charges on some MoMo transfers until June 20 - GhIPPS

- Ghanaians will continue to enjoy free digital transfer of funds until June 20, 2020

- This was announced by the Ghana Association of Bankers (GAB) and the Ghana Interbank Payment and Settlement Systems (GhIPSS)

- The aim is to help reduce contact with banknotes in a bid to reduce the spread of COVID-19

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The Ghana Association of Bankers (GAB) and the Ghana Interbank Payment and Settlement Systems (GhIPSS) have announced the date free Mobile Money transfers below GHC100 would end next month.

GAB and GhIPPS revealed that Ghanaians will continue enjoying free transfers of funds below GHC100 until June 20, 2020.

The waiver affects all other digital transactions as well and forms part of measures to encourage the use of such services.

READ ALSO: Report shows Sub-Saharan Africa recorded 12% increase in MoMo transactions in 2019

Per a report by Ghana Web, it is also intended to discourage the use of banknotes in transactions, in a bid to reduce the spread of COVID-19.

The GAB encouraged “all our customers to continue using our alternate digital banking platforms and visit physical branches of banks only when it is absolutely important and necessary to do so.”

YEN.com.gh understands that there was a disagreement between the two bodies on the resumption of fees on the GhIPSS Instant Pay (GIP), Mobile Money Interoperability (MMI) and ACH Direct Credit.

This followed a directive from GhIPPS to financial institutions to end the waiver to customers who use such services.

YEN.com.gh earlier reported that the Bank of Ghana (BoG) revealed that mobile money transactions that are valued at GHC100 and below would attract no charges.

The directive is expected to last for three months and is subject to review, the Central Bank indicated.

The directive takes effect from Friday, March 20, 2020, and is designed to help with the fight against the coronavirus epidemic.

READ ALSO: MoMo increases MTN's Q1 profit level by 62% to GHC349 million

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Source: Yen

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