MTN Announces Cash Out Fee Increase Effective July 1st

The mobile money withdrawal transaction charge will increase to GHS20 for all withdrawals of GHS2,000 or more starting on July 1st, according to telecommunications behemoth MTN in a broadcast.

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.

The decision by MTN to increase the cash-out transaction fees for amounts between GHS1,000 and GHS2,000 starting from July 1, 2023, has raised concerns among Ghanaians. This increase comes at a time when the country is facing economic challenges, including high inflation, rising prices of goods and services, job losses, and low income for many individuals.

Furthermore, Ghanaians have been burdened by the recently introduced 1% electronic transfer levy (e-levy) imposed on digital financial transfers. The cumulative effect of these financial burdens has led to dissatisfaction and frustration among citizens.

MTN has not yet provided an explanation for the rationale behind the increase in cash-out transaction fees. The lack of transparency regarding this decision has further fueled public concerns and calls for clarification from the telecommunications company.

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