MTN CEO Selorm Adadevoh
Ghana’s telecommunication giant, MTN has announced an increase in Mobile Money (MoMo) withdrawal charges which takes effect on July 1, 2023.
The telecommunication company announced its withdrawal increase to its valued customers through text messages.
The message revealed that cash-out transactions below GH¢2,000 will attract a fee of one per cent of the transaction amount, while a flat fee of GH¢20 will be charged directly from the customer’s wallet for transaction above GH¢2,000.
The message also emphasized that customers should not pay additional fees to mobile money agents and should simply use the “MOMO” platform for their transactions.
This MTN upward adjustment has generated many reactions among Ghanaians and the business community. It will be recalled that MTN’s recent increase in data charges triggered a lot of uproar in the country. This resulted in some customers ditching the network for a different provider.
A series of comments sighted by the Business Desk on social media revealed that the sudden increase in withdrawal charges considering the economic hardship in the country will discourage many Ghanaians and cause them to search for alternative means.
Presently, MTN charges a maximum fee of one per cent for cash-out transactions up to GH¢1,000 and a fee of GH¢10 for all cash-out transactions exceeding GH¢1,000. Under the revised fee structure, the one per cent fee will only apply to amounts below GH¢2,000, and the maximum fee has been doubled to GH¢20.
This adjustment in mobile money withdrawal fees by MTN has garnered attention among its user base.
BY Prince Fiifi Yorke