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0 NewsGhana, Latest Updates and Breaking News of Ghana, News Ghana, https://www.newsghana.com.gh/bank-of-ghana-halts-mobile-money-wallet-transfer-fee/The Bank of Ghana (BoG) has ordered Mobile Money Fintech Limited (MMFL) to suspend a proposed 0.75 percent fee on direct wallet-to-bank transfers, pulling the brakes on a measure that had been set to take effect on 1 June.
In a statement issued Tuesday, the central bank said the suspension was intended to allow for broader stakeholder consultations before any new charges are introduced within Ghana’s mobile financial services sector.
“This decision reflects our commitment to ensuring that any changes to charges in the mobile financial services ecosystem are introduced fairly, protect consumers, and support their financial wellbeing,” the BoG said.
The proposed fee had drawn concern from mobile money users and consumer advocates, with critics warning it could raise transaction costs and undermine digital financial access, particularly for lower-income users who rely on mobile money as their primary financial tool.
The BoG’s intervention is significant given how deeply embedded mobile money has become in Ghana’s economy. The service provides millions of people with access to payments, savings and transfers, including large segments of the population that remain outside the formal banking system.
The central bank gave no timeline for when consultations would be completed or whether the fee would proceed in its current form. The outcome of that process is likely to be watched closely by both consumer groups and the wider fintech industry.
NewsGhana, Latest Updates and Breaking News of Ghana, News Ghana, https://www.newsghana.com.gh/bank-of-ghana-halts-mobile-money-wallet-transfer-fee/
