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.