Business

BoG halts proposed 0.75% wallet-to-bank transfer charge

The Bank of Ghana has suspended the implementation of a proposed 0.75 percent fee on direct wallet-to-bank transfers pending further consultations.

According to a press release issued by the Communications Department of the Bank of Ghana on May 26, 2026, Mobile Money Fintech Limited had been directed to pause the planned charge, which was scheduled to take effect on June 1, 2026.

The central bank explained that the suspension was necessary to allow for broader engagement on the proposed fee structure within the mobile financial services sector.

“The Bank of Ghana informs the public that Mobile Money Fintech Limited (MMFL) has been directed to pause the implementation of its proposed 0.75 percent fee on direct wallet-to-bank transfers,” portions of the statement said.

The statement added that the 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 suspension comes after telecom giant MTN Ghana announced that transfers from Mobile Money wallets to bank accounts would attract a 0.75 percent transaction fee capped at GH₵5 beginning June 1, 2026.

The announcement generated widespread public discussion, with many mobile money users raising concerns over the potential impact of the charge on digital transactions and financial inclusion.

Under the current arrangement, wallet-to-bank transfers will continue to operate under the existing terms while consultations continue between regulators and stakeholders within the financial technology ecosystem.

The decision by the central bank could provide temporary relief to consumers who rely heavily on mobile money transactions for daily business and personal financial activities.

The Bank of Ghana indicated that further consultations would help ensure any future adjustments to transaction charges are implemented in a manner that balances innovation, operational sustainability, and consumer protection within the country’s growing digital finance space.