MTN introduces increased Mobile Money cashout fees starting July 1st

In a recent announcement, telecommunications giant MTN stated that it will be raising the transaction fees for mobile money withdrawals. Effective from July 1st, all cashout transactions of GH¢2,000 and above will incur a flat fee of GH¢20.

MTN MobileMoney Limited sent an SMS circular to its customers, informing them of the upcoming change. The message read, “Y’ello Valued Customer, kindly note that effective July 1, 2023, Cash out transactions below GH¢2,000 will attract a fee of 1%. Cash-out transactions from GH¢2,000 and above will attract a flat fee of GH¢20. This will be charged to your wallet. Do not pay any other fee to any MoMo agent. Just MoMo it.”

Currently, the maximum fee imposed for cashout transactions is 1% for amounts up to GH¢1,000 and GH¢10 for cashout transactions exceeding GH¢1,000. However, according to the new circular, the 1% fee will now apply to amounts below GH¢2,000, while the maximum fee has been doubled to GH¢20.

This announcement comes amidst a challenging economic climate where citizens are grappling with issues such as rising inflation, increased prices of goods and services, job losses, and low incomes.

Ghanaians have also been burdened with a 1% electronic transfer levy (E-Levy) on most digital financial transactions they make.

MTN has not yet provided an explanation for the reasoning behind the decision to raise cashout transaction fees at this particular time.

–The Post Ghana