MTN Ghana Withdraws Planned MoMO Cash-out Fee Review

MTN Ghana has taken back its plans to review Mobile Money (MoMo) cash-out fees from the beginning of next month.

This follows concerns from its user base, a section calling it a monopoly.

The telecommunication company earlier announced plans to charge a fee of 1% on cash-out transactions below GH₵2,000 and GH₵20 on cash-out transactions of GH₵2,000 and above. These fees, it planned to charge directly from the customer’s wallet from July 1.

This meant persons transacting GHC2,000 under the planned review would pay a double of what they currently pay as cash-out fees.

Following a widespread protest at this, the telecommunication on June 26 announced a withdrawal in a statement.

“The planned review of the cash-out fee for MoMo has been withdrawn. The current cash-out fee of 1%, capped at GHS10, still remains and will be charged to your wallet. Do not pay any other fees. We apologize for any inconvenience this may have caused.”

Some users reacted to the announcement with relief while others criticized the company for being monopolistic.

“#Vodafone should widen their network coverage in Ghana and break this monopoly MTN is enjoying,” “I just read the headline on coverghana… thank God it is REVERSED,” “MTN Ghana don’t worry just keep on doing what you want to your customers we will soon be considering other networks regardless”.

“Continue this unnecessary charges and we will equally move to a different network.” “Thank you for listening,” another said.