CUTS International commends BoG for suspending proposed 0.75% MoMo Transfer Fee
Policy think tank, CUTS International, has praised 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), a subsidiary of MTN Ghana responsible for managing Mobile Money (MoMo) services.
The proposed fee, which was scheduled to take effect on June 1, 2026, has been put on hold pending further consultations with stakeholders.
In a statement copied to the Ghana News Agency, the West Africa Regional Director of CUTS International, Accra, Mr. Appiah Kusi Adomako, commended the central bank for its swift intervention to safeguard consumers.
“This is exactly the kind of proactive regulatory oversight that builds public trust in our financial system,” he stated.
According to him, the regulator had sent a strong signal that any changes to charges within the mobile money ecosystem must be implemented fairly, transparently, and in line with existing laws.
The suspension followed an announcement by MMFL on Monday, May 25, informing customers that transfers from MoMo wallets to bank accounts would attract a 0.75 per cent fee per transaction, capped at GH¢5.
CUTS International acknowledged that businesses operating in a competitive market had a legitimate right to adjust pricing to ensure sustainability.
However, it stressed that such price changes must comply with the relevant regulatory framework and remain fair to consumers.
The organisation further noted that MMFL, as a dominant player in the market, possessed the ability to raise prices above competitive levels, but cautioned that competition laws prohibit the abuse of market dominance.
“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,” the statement said.
“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.”
CUTS added that providing reasonable notice would allow dissatisfied customers the opportunity to explore competing mobile money service providers.
The think tank also urged MMFL to engage regulators, consumer groups, and the public in meaningful discussions to achieve 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 proposed fee would have applied even to transfers between a customer’s own MoMo wallet and personal bank account, a service that had previously been offered free of charge.
Meanwhile, the Bank of Ghana stated that the suspension demonstrates its commitment to ensuring that changes within the mobile financial services ecosystem are introduced fairly, while protecting consumers and promoting their financial well-being.
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