In a recent broadcast, MTN, the telecommunications giant, announced an upcoming change to its mobile money withdrawal transaction fees. Starting from July 1st, customers will see an increase in fees for withdrawals of GH? 2,000 and above. The new fee structure will set a fixed amount of GH? 20 for all transactions falling within this threshold.
There will be adjustments to the fees based on the transaction amounts.
According to the SMS message, cash-out transactions below GH? 2,000 will incur a fee of 1%. This means that a percentage of the transaction amount will be charged as a fee. On the other hand, cash-out transactions equal to or exceeding GH? 2,000 will attract a flat fee of GH? 20. Regardless of the transaction amount, these fees will be directly deducted from the customer's Mobile Money wallet.
To ensure transparency and prevent customers from paying additional fees to MoMo agents, MTN Mobile Money Limited emphasizes that the stated fees are the only charges customers need to be aware of. They urge customers to rely solely on the Mobile Money service for their transactions, without paying any additional fees to agents.
By providing this notification, MTN Mobile Money Limited aims to keep its valued customers informed about the upcoming changes in cash-out transaction fees. This proactive communication allows customers to plan their transactions accordingly and make informed decisions when utilizing the Mobile Money service.
As the effective date approaches, MTN will continue to communicate with its customers, providing any necessary updates or support related to the changes.
Currently, the maximum fee charged for cash-out is 1% for any amount up to GH? 1,000 and GH? 10 for all cash-out transactions above GH? 1,000. But per the new circular, the 1% is now applicable to amounts less than GH? 2,000, and the maximum fee is now doubled to GH? 20.
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.
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