Proposed 0.75% MTN wallet-to-Bank transfer charge is not a government fee — MoMAG
The Executive Member in charge of Operations, Research and Implementation at the Mobile Money Advocacy Group Ghana (MoMAG), Stephen Quarcoo Gorman, has criticised the handling and communication of the proposed 0.75 percent wallet-to-bank transfer fee announced by Mobile Money Fintech Limited.
Speaking on Atinka FM on May 28, 2026, Gorman expressed concern about how the issue was communicated to the public, arguing that both the announcement and subsequent suspension of the charge were handled poorly.
According to him, Mobile Money Fintech Limited should have engaged its customers directly before details of the proposed fee became public.
“Mobile Money Fintech Limited was supposed to communicate the information to its customers because they did not want consumers to be surprised by the charges if implemented. Also, Mobile Money Fintech Limited cannot charge consumers without approval from the Bank of Ghana because the industry is guided by the Electronic Transactions Act,” he said.
Gorman also questioned the Bank of Ghana’s decision to publicly suspend the implementation of the fee following widespread criticism on social media, arguing that the move created the perception that the central bank had prior knowledge of the proposed charge.
“When the BoG rushed to halt the implementation because of the controversies on social media, consumers assumed it was aware of it. I think the BoG should have made MTN communicate directly with its customers. So, I think it was a mistake on the part of the BoG to issue that statement about halting the 0.75 percent fee,” he stated.
Drawing comparisons with the Electronic Transfer Levy (E-Levy), Gorman explained that the proposed wallet-to-bank transfer charge differs significantly because it is a private service fee rather than a government-imposed tax.
“The E-Levy also affected the banks, and it was not only about mobile money transactions. Also, the E-Levy went to the GRA and not private providers, but this one is limited to MTN,” he explained.
He further clarified that the proposed charge, capped at GH¢5 per transaction, would be calculated as 0.75 percent of the amount transferred from a mobile money wallet to a bank account.
“We want to educate everyone that the wallet-to-bank transaction fee is charged by MTN and has nothing to do with the government,” he emphasised.
Gorman also called on the Bank of Ghana to strengthen oversight of charges imposed by commercial banks, arguing that some banking fees have become excessive and place unnecessary burdens on customers.
“I want to appeal to the BoG to regulate the amount some of these banks are charging because the fees imposed by some of these banks are outrageous. Also, they have refused to listen. When they want to adjust their charges upwards, they do not properly inform consumers. They are gradually killing us. I see no reason why banks should charge consumers for depositing money,” he said.
He further urged Mobile Money Fintech Limited to maintain its current policy of not charging for bank-to-wallet transfers and to engage banks privately to find solutions that protect consumers while supporting financial inclusion.
“I wish MTN would maintain the zero-charge bank-to-wallet transfer policy. They should rather engage the banks behind closed doors to help consumers. This will also help the banks protect their customers because it will improve deposits into banks,” he added.
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