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.

Source: YEN.com.gh