BoG directs suspension of proposed 0.75% fee on wallet-to-bank transfers

The Bank of Ghana has said that Mobile Money Fintech Limited (MMFL) has been directed to pause the implementation of its proposed 0.75 per cent fee on direct wallet-to-bank transfers.

The fee was scheduled to take effect on 1 June 2026 but is now on hold to allow for further consultation.

According to a statement from the BoG , this decision reflects their commitment to ensuring that any changes to charges in the mobile financial services ecosystem are introduced fairly, protect consumers, and support their financial wellbeing.

MTN Ghana had announced the end of free Mobile Money wallet-to-bank account transfers, introducing a new fee of 0.75 per cent per transaction effective June 1, 2026.

The telecom giant informed customers via text message on the evening of Monday, May 25, 2026, notifying millions of MoMo subscribers that all transfers from MoMo wallets to bank accounts will now attract the new charge, capped at GH₵5 per transaction.

The fee applied regardless of whether the receiving bank account belonged to the same individual who owns the MoMo wallet, closing a window that previously allowed customers to move funds between their own registered accounts at no cost.

"From 1 June 2026, transfers from your MoMo Wallet to bank accounts will attract a fee of 0.75% per transaction, capped at GH₵5. This will help us continue to serve you better. Thank you for choosing MoMo," the company's message to customers read.

In practical terms, a GH₵100 transfer will attract a fee of 75 pesewas, while transfers of GH₵667 and above will hit the maximum charge of GH₵5.

MTN clarified that the new fee applies strictly to wallet-to-bank transfers. Wallet-to-wallet transactions and agent cash-in and cash-out services remain subject to their existing separate charges.

The announcement marks a notable shift in MTN's mobile financial services pricing and is expected to draw scrutiny from consumer groups and regulators, given the central role MoMo plays in Ghana's digital payments ecosystem.