New MTN Momo Charges: Bank of Ghana Orders Suspension of New 0.75% Wallet to Bank Transfer Fee

• Bank of Ghana halts Mobile Money Fintech's 0.75% wallet-to-bank transfer fee for further review
• The Central Bank emphasised consumer protection amid backlash against the proposed transaction fees
• The Bank of Ghana's response has been met with scepticism from some social media users

The Bank of Ghana has directed Mobile Money Fintech Limited to suspend the implementation of its proposed 0.75% fee on direct wallet-to-bank transfers.

The central bank wants to allow for broader stakeholder engagement and review.

The wallet-to-bank transfer fee announced by Mobile Money Fintech Limited, operators of MTN Momo, sparked public debate over its potential impact on digital transactions and financial inclusion.

Some people called it a new version of the controversial Electronic Transfer Levy.

In a press release on Facebook, the central bank said the decision was to 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."

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The statement was met with some scepticism by some Ghanaians.

Some people described the statement as cosmetic by using the slang term "settings."

Others, however, cited this response as evidence of the government listening to their concerns.

The new charges were to take effect on Monday, June 1, 2026, will also be capped at GH₵5.

It meant anytime a customer sent money from their Mobile Money wallet to a bank account, they would pay a 0.75% fee of the amount sent.

According to MTN Ghana, the new charges were to help the telecommunication giant provide better services for millions of customers.

Clash in Parliament over the transfer charges

A heated exchange broke out in Parliament on May 26, as the Minority and Majority Leaders clashed over the new charges.

Minority Leader Alexander Afenyo-Markin criticised the proposed charge, arguing it resembled the scrapped Electronic Transfer Levy.

“This announcement by the Bank of Ghana of charging 0.75% when somebody transfers money from his mobile money wallet to his bank account. If the finance minister [Dr. Ato Forson may recall that his government decided to repeal the e-Levy law, and now the Bank of Ghana is introducing the e-Levy again? Now they announce that they have suspended it for further consultations."

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MTN imposes 0.75% charges on transfers from Momo wallets to bank accounts, Ghanaians react

However, the Majority Leader, Mahama Ayariga, objected strongly, describing Afenyo-Markin's remarks as inappropriate and disorderly.

Joselyn Dumas complains about Momo theft

YEN.com.gh reported that actress Joselyn Dumas complained in public after falling victim to an alleged mobile money theft.

In a video she shared on her official Instagram page on March 17, 2026, Joselyn Dumas detailed the circumstances that led to her losing a huge amount of money in her MTN mobile money account.

According to the actress, she called a purported DSTV Ghana representative to upgrade her monthly subscription package when the alleged theft occurred.

The actress also called on DStv Ghana to put in place measures to prevent more people from getting defrauded by the fraudsters.

Source: YEN.com.gh