MTN increases Mobile Money cashout fees effective July 1st

Telecommunications giant MTN has in a broadcast said its outfit will increase mobile money withdrawal transaction fees to GHS20 for all amounts GHS2,000 and above effective July 1st.

In an SMS circular to customers, MTN MobileMoney Limited said, “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”.

Currently, the maximum fee charged for cash-out is 1% for any amount up to GHS1,000 and GHS10 for all cash-out transactions above GHS1,000. But per the new circular, the 1% is now applicable to amounts less than GHS2,000, and the maximum fee is now doubled to GHS20.

This comes in the wake of economic hard times when citizens are complaining of skyrocketing inflation, increasing prices of goods and services, job losses, and low income.

Ghanaians have also had to live with an obnoxious 1% electronic transfer levy (e-levy) for the majority of digital financial transfers they make.

MTN is, however, yet to explain the rationale for the increase in cash-out transaction fees at this time.