Accra, May 27, GNA – Policy think tank, CUTS International, has commended the Bank of Ghana (BoG) for suspending the proposed 0.75 per cent wallet-to-bank transfer fee announced by Mobile Money Fintech Limited (MMFL), the MTN Ghana subsidiary, which manages and operates Mobile Money (MoMo).
The fee, which was scheduled to take effect June 1, 2026, has been placed on hold pending further consultation.
In statement copied to Ghana News Agency, Mr Appiah Kusi Adomako, West Africa Regional Director of CUTS International, Accra, applauded BoG for acting swiftly to protect consumers.
“This is exactly the kind of proactive regulatory oversight that builds public trust in our financial system,” he said.
“The regulator has sent a clear signal that changes to charges in the mobile money ecosystem must be introduced fairly, transparently, and in a manner consistent with the law.”
The directive follows an announcement by the Fintech on Monday, May 25, informing subscribers that transfers from MoMo wallets to bank accounts would attract a 0.75 per cent charge per transaction, capped at five Ghana Cedis.
CUTS said businesses operating in a competitive marketplace had a legitimate interest in pricing their services in a manner that ensures sustainability.
However, price adjustments must be made in strict consistency with the applicable regulatory framework and in a manner that was fair to consumers.
It said MMFL, as a market leader, could raise prices above competitive levels.
However, competition law prohibited an abuse of a dominant position or market power.
“Giving consumers barely one week’s notice about such a significant new charge is, in our view, a textbook example of the kind of conduct that constitutes an abuse of dominance.
“It is not just a matter of inconvenience; it is a fundamental breach of the principle of fair notice.
“Consumers deserve adequate time to understand a change, assess its implications, and make an informed choice about whether to continue with a provider or switch to an alternative,” it stated.
It said providing sufficient and reasonable notice would enable consumers dissatisfied with the new terms to exercise their right to switch to competing mobile money service providers.
CUTS International urged MMFL to engage meaningfully with regulators, consumer advocates, and the public to arrive at a fair and sustainable outcome.
“Mobile money has come to stay. It is central to our financial inclusion story and the daily lives of millions of Ghanaians. Any changes to its fee structure must, therefore, be handled with the utmost care, transparency, and respect for the consumer,” the statement added.
The fee would have applied even when customers transferred funds between their own registered MoMo wallet and their own bank account, a service previously provided at no cost.
The BoG, in its statement, noted that the suspension reflected its commitment to ensuring that changes to charges in the mobile financial services ecosystem were introduced fairly, protected consumers, and supported their financial well-being.
GNA
Edited by Beatrice Asamani Savage