Business & Finance

MoMo Agents To Restrict Withdrawals to GHC1K Per Transaction

Mobile Money (MoMO) agents have decided to restrict withdrawals to Ghc1,000 per transaction to customers effective tomorrow, December 1, 2023.

The decision is temporary and has been conceded by all the four Mobile Money Agents Associations in Ghana, a joint statement from the four dated November 30 said.

“Dear Valued Customers, Stakeholders, and Partners, We wish to bring to your attention an important decision from the leadership of the four Mobile Money Agents Associations in Ghana. Effective 1st December 2023, a temporary measure will be implemented, restricting cash withdrawals to a maximum of Ghc1,000.00 per transaction to customers for all Mobile Money Agents across various service providers.”

The move is to “ensure fair compensation for the dedicated agents”.

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“During this period, we will continue to actively engage with service providers to address the commission review concerns raised. If, within the one-month period, there is no favourable adjustment, we will regrettably have to implement further action plans,” the statement noted.

Though they plan to run this measure for the next month, they noted that they will “implement further action plans” if their request is not received favourably.

MTN charges for mobile money cash transactions at a fixed rate pegged at GH₵10 cedis on GH₵1000 and above for cash withdrawal at service centres.

However, some agents and merchants resorted to splitting cash transactions, where every GH₵1000 is charged GH₵10. This meant that clients who withdrew GHC3,000 would pay Ghc30 cedis instead of the approved GHc10, Ghc40 for GHc4,000 and GHC50 for GhC5,000.

This has been described as illegal by telecommunication Company MTN which has urged customers to report such agents.

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