Before any mobile money transaction, you need to know how much is charged for the cash to be withdrawn. For any withdrawal between GHC 1 to GHC 50 using your MTN MoMo code, the client is deducted GHC 0.50. For any withdrawal above GHC 50, a fee of 1% is deducted from the money to be withdrawn. When sending any amount between GHC 1 to GHC 50, the sender is deducted GHC 2.50. For sending any amount more than GHC 50, the client is deducted 5% of the cash as fees. But however this may be changed due to information circulating.
Telecommunications giant MTN has in a broadcast said its outfit will increase mobile money withdrawal transaction fees to GHS20 for all amounts GHS2,000 and above effective July 1st.In an SMS circular to customers, MTN MobileMoney Limited said, "Y'ello Valued Customer, kindly note that effective July 1, 2023, Cash out transactions below Ghc2,000 will attract a fee of 1%. Cash-out transactions from Ghc2,000 and above will attract a flat fee of Ghc 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 charged for cash-out is 1% for any amount up to GHS1,000 and GHS10 for all cash-out transactions above GHS1,000. But per the new circular, the 1% is now applicable to amounts up to GHS2,000, and the maximum fee is now doubled to GHS20.
It also means from July 1, 2023, any cash-out transaction between GHS1,000 and GHS2,000 will also attract more than GHS10.
This comes in the wake of economic hard times when citizens are complaining of skyrocketing inflation, increasing prices of goods and services, job losses, and low income.Ghanaians have also had to live with an obnoxious 1% electronic transfer levy (e-levy) for the majority of digital financial transfers they make.
MTN is, however, yet to explain the rationale for the increase in cash-out transaction fees at this time.
But we should all expect that from 1st July of this year the charges will definitely increase as it's stated by the Mobile tele- communication network (MTN)
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