From December 1, 2023, Mobile Money (MoMo) agents in Ghana will be limiting cash withdrawals to a maximum of GH¢1,000 per transaction in order to secure fairer compensation for their services. This is a temporary measure that is being implemented throughout the country.
Again,the Mobile Money (MoMo) ecosystem in Ghana consists out of millions of agents that are spread across rural and urban areas. These agents are responsible for providing customers with cash withdrawals as well as deposits, airtime sales and bill payments.
For many agencies, the remuneration received for these services are relatively low and do not cover.
The Northern MoMo Agents Association of Ghana (NOMAAG), the Mobile Money Advocacy Group (MOMAG), the Mobile Money Agents Association Ghana (MMAAG), and the ABAG have announced the temporary suspension of mobile money services providers in Ghana. They have said that this decision is intended to draw focus to their grievances on inadequate remunerations and compensation for their services. The four associations have released a joint statement expressing their position.
MoMo agents stressed that this move is made to promote a viable, sustainable business model, not to give their customers any trouble.
The Ghana Mobile Money Operators Association and the Association of MoMo Agents in Ghana have recently announced that, due to concerns over inadequate compensation, they will be capping cash withdrawals as of December 1st. Unless a favorable adjustment is made in the next month, they have warned that they will take additional steps to address the issue.
They have appealed to all stakeholders, including customers, to support their efforts to secure fair compensation for MoMo agents. While this may cause some disruptions in the short-term, they believe that the sustainability of MoMo services in Ghana depends upon a fair and equitable system for all involved.
It was emphasised that to make sure Mobile Money (MoMo) services in Ghana are able to carry on, an environment has to be established that is just and reasonable for everybody included.
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