Dr. Johnson Asiama
The Bank of Ghana (BoG) has directed Mobile Money Fintech Limited (MMFL) to suspend the implementation of its proposed 0.75 percent charge on direct wallet-to-bank transfers following growing public backlash and concerns over the impact on businesses and consumers.
The fee, which was scheduled to take effect from June 1, 2026, had triggered widespread criticism, with many Ghanaians describing it as a reintroduction of the controversial Electronic Transfer Levy (E-Levy) through another channel.
In a statement issued on Tuesday, the central bank said the suspension was necessary to allow for further stakeholder consultations before any decision could be taken on the proposed charge.
According to the BoG, the decision reflects its commitment to ensuring fairness within the mobile financial ecosystem while protecting consumers and safeguarding their financial wellbeing.
“The implementation of the proposed fee has been suspended pending further consultations,” the statement said.
The announcement comes amid mounting concerns from businesses and players within the trade and transport sectors who warned that the additional charge would increase operational costs and place further strain on already burdened consumers.
One of the strongest reactions came from the Freight Forwarders Association of Ghana, which welcomed the BoG’s intervention and described the suspension as a major relief for businesses operating within the country’s ports and logistics sector.
In a statement signed by its President, Francis Nyarepe-Attipoe, the association said the proposed 0.75 percent fee would have imposed an additional financial burden on freight forwarders, transport operators, importers, exporters and small businesses that rely heavily on mobile money transactions for their daily operations.
The association noted that digital financial transactions have become an indispensable part of port and cargo clearance activities, including customs payments, transport coordination, supplier settlements and payment of port charges.
According to the group, any additional cost on digital transfers would ultimately be passed on to importers and consumers, with possible negative implications for trade facilitation and national economic activity.
“The proposed 0.75 percent charge would have imposed a significant additional financial burden on freight forwarders, transport operators, importers, exporters and small businesses operating within the port ecosystem,” portions of the statement said.
It added that higher transaction costs on mobile money platforms could undermine ongoing efforts to deepen financial inclusion and encourage digital payments across the country.
The association further urged Mobile Money Fintech Limited and other players within the financial sector to engage more extensively with industry stakeholders before introducing policies with major economic and operational consequences.
By Ebenezer K. Amponsah