MTN will start charging more for Mobile Money cashouts on 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.
“Hello Valued Customer, kindly note that effective July 1, 2023, Cash out transactions below GHC2,000 will attract a fee of 1%,” MTN MobileMoney Limited stated in an SMS to subscribers. A flat fee of GHC 20 will be applied to cash-out transactions of GHC 2,000 and higher. Your wallet will be charged for this. Don’t give any MoMo agent any further money. Simply Momo it.
Currently, the maximum cash-out fee is GHS10 for all cash-out transactions over GHS1,000 and 1% for any amount up to GHS1,000. But according to the revised circular, the maximum price has increased to GHS20 from GHS10 and the 1% now applies to payments up to GHS2,000.
Additionally, starting on July 1, 2023, each cash-out transaction between GHS 1,000 and GHS 2,000 will be subject to a surcharge of more than GHS 10.
This follows a period of economic hardship during which residents have been complaining about high inflation, rising goods and service prices, job losses, and poor income.
