MTN announces new Mobile Money withdrawal fees effective July, 1st

MTN, the leading telecommunications company, has announced a significant change to its mobile money withdrawal transaction fees, effective from July 1, 2023. The company has taken the initiative to inform its customers about the upcoming modifications through an SMS circular.

According to the circular, there will be an adjustment in fees for cash-out transactions exceeding a specific threshold. Cash-out transactions below GH₵2,000 will now be subject to a fee equivalent to 1% of the transaction amount. However, for cash-out transactions equal to or exceeding GH₵2,000, a flat fee of GHS20 will be directly deducted from the customer’s wallet.

It is worth noting that the circular explicitly mentions that customers should not pay any additional fees to Mobile Money agents. Instead, they are advised to utilize the “Momo” platform exclusively for their transactions.

Under the current fee structure, MTN charges a maximum fee of 1% for cash-out transactions up to GH₵1,000. Additionally, a fee of GH₵10 is applicable for all cash-out transactions surpassing GH₵1,000.

With the introduction of the new fee system, the 1% fee will only be levied on amounts below GH₵2,000, while the maximum fee has been doubled to GH₵20. This change will affect customers who frequently withdraw large sums of money, as they will now have to pay a flat fee of GH₵20.

MTN’s decision to adjust its mobile money withdrawal transaction fees is likely to have an impact on the mobile money market in Ghana. However, the company has assured its customers that the new fee structure is designed to create a more efficient and cost-effective service.

SOURCE: Coverghana.com.gh