MTN Ghana’s attempt to introduce a new charge on mobile money transfers has been halted by the Bank of Ghana barely a day after it was announced, setting off fresh debate over digital payment costs in the country.
The telecom company had notified customers that from June 1, transfers from MoMo wallets to bank accounts would attract a 0.75 percent fee, capped at GHS 5. MTN explained that the adjustment was meant to help improve service delivery, but the announcement quickly drew criticism across social media and political circles.
Within 24 hours, the Bank of Ghana stepped in and directed MTN’s mobile money arm, Mobile Money Fintech Limited, to suspend the planned charge pending further consultations with stakeholders. The regulator stressed that any changes to fees in the digital financial space must go through proper review processes and take consumer protection into account.
Although the proposed fee appeared modest on paper, its potential impact sparked concern. For example, a GHS 500 transfer would have attracted a charge of GHS 3.75, while higher transactions would be capped at GHS 5. With more than 26 million active mobile money wallets in Ghana, critics argued that even small deductions could accumulate into a significant burden for everyday users.
Mobile money plays a central role in daily financial activity across the country, from small business payments to salary transfers and savings. This is why many observers warned that frequent users, particularly those making low value transactions, would likely feel the effects more sharply.
The reaction was further intensified by memories of Ghana’s now repealed Electronic Transfer Levy, widely known as the E Levy. Introduced in 2022 and eventually scrapped in 2025 following public pressure, the policy remains a sensitive topic. As a result, some opposition figures quickly linked MTN’s proposed charge to the controversial tax, accusing authorities of reintroducing similar costs through indirect means.
Meanwhile, MTN and other operators continue to face rising operational pressures. Expanding infrastructure, inflation, fuel costs, and currency fluctuations have all increased the cost of delivering mobile money services. The company is also investing heavily in network upgrades, adding more strain to its finances.
While the regulator’s intervention has paused the fee for now, the broader question remains unresolved. How can Ghana balance affordable digital financial services for millions of users with the need for telecom and fintech companies to remain financially sustainable in a challenging economic environment?
