BoG document shows 0.75% MoMo-to-bank transfer fee was approved under Akufo-Addo
Fresh details have emerged regarding the controversial 0.75 per cent fee proposed on transfers from MTN Mobile Money (MoMo) wallets to linked bank accounts, indicating that the charge was approved during the administration of former President Nana Addo Dankwa Akufo-Addo.
The proposed fee sparked widespread public criticism after MTN Ghana announced plans to implement it from Monday, June 1, 2026. Following the backlash, the Bank of Ghana directed the telecommunications company to suspend the implementation of the charge pending further review.
The development also generated political debate, with the Minority Caucus in Parliament accusing the government of President John Dramani Mahama of attempting to reintroduce the Electronic Transfer Levy (E-Levy), despite its decision to abolish the tax in fulfilment of a campaign promise.
However, information presented in Parliament suggests that the fee was approved under the previous administration.
According to Bolgatanga Central MP, Isaac Adongo, a letter issued by the then Governor of the Bank of Ghana, Dr. Ernest Addison, granted MTN Ghana a “no objection” approval to introduce specific transaction charges.
Reading excerpts of the document on the floor of Parliament, Mr. Adongo stated that the approval covered two proposed fees.
The first was the introduction of a one per cent charge on cash-out transactions below GH¢2,000, while the second involved a 0.75 per cent fee, capped at GH¢55, on transfers from mobile money wallets to bank accounts.
“Introduction of a fee of 1% for cash-out transactions below GH¢2,000,” he quoted from the letter.
He further read: “Introduction of a 0.75% fee capped at GH¢55 for all transactions related to mobile money wallet transfer to bank.”
The revelation has added a new dimension to the ongoing debate surrounding the proposed charges and the circumstances under which they were approved.
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