Mobile Money Agents Get Increased Commission For Transactions Of GH¢2,000 And Above From March

• Mobile money agents will see increased commissions on large transactions from March 1, 2024
• A source in a mobile money vendor union disclosed the new commissions to YEN.com.gh
• According to documents sighted by YEN.com.gh, the vendors will now make a 0.4% commission on transactions up to GH¢2,000

Mobile money agents will see increased commissions on large transactions from March 1, 2024.

A source in a mobile money vendor union disclosed the new commissions to YEN.com.gh.

According to documents sighted by YEN.com.gh, the vendors will now make a 0.4% commission on transactions up to GH¢2,000.

Before, transactions between GH¢1,000 and GH¢2,000 had a flat fee of GH¢4.

The maximum commissions have been raised to GH¢8 from GH¢4. This affects transactions of GH¢2,000 and above.

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This comes after the Central Bank reviewed the transaction and balance limits of mobile money wallets upward.

From March 1, 2024, customers with a minimum account, which initially had a limit of GH¢2,000, have been upgraded to GH¢3,000 for daily transaction limits, among others.

Vendors have been upset at low commissions and recently limited cash withdrawals to a maximum of GH¢1,000 per transaction for a period.

In response, Edward Ofori Agyeman, the president of the Mobile Money Association of Ghana, told YEN.com.gh still expressed concerns that this system was not fair enough.

"If a person withdraws GH¢15,000 at a go, you, the agent, only earn GH¢8 because the system will deduct the person GH¢20 and the telcos will take GH¢12.”

He further urged vendors to abide by the changes despite their concerns and urged agents not to coerce customers into making multiple withdrawals.

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Bank of Ghana revises balance, transaction limits of mobile money wallets upwards starting March 1

"When the customer comes, and you think you can withdraw only GH¢2,000 or GH¢3,000, just withdraw it and let the customer go," he added.

MTN increases product prices

In a separate story, YEN.com.gh reported that MTN Ghana increased the prices of its product offerings starting November 28, 2023.

The telecommunications company said the price increase is due to increased operational costs.

MTN has several products, including data zone bundles, midnight bundles, social media bundles, regular bundles, etc.

Source: YEN.com.gh