MTN to increase Mobile Money withdrawal transaction fees effective July 1, 2023
MTN, a leading telecommunications company, has announced an upcoming change to its mobile money withdrawal transaction fees.
Starting from July 1, 2023, customers will experience an increase in fees for cash-out transactions above a certain threshold.
In a recent SMS circular sent to its customers, MTN MobileMoney Limited informed them about the adjustment.
According to the circular, cash-out transactions below GH₵2,000 will now attract a fee of 1% of the transaction amount.
However, for cash-out transactions of GH₵2,000 and above, a flat fee of GHS20 will be charged directly from the customer’s wallet. The circular also emphasized that customers should not pay any additional fees to Mobile Money agents and should simply use the “Momo” platform for their transactions.
Presently, MTN charges a maximum fee of 1% for cash-out transactions up to GH₵1,000, and a fee of GH₵10 for all cash-out transactions exceeding GH₵1,000. Under the new fee structure, the 1% fee will only apply to amounts below GH₵2,000, and the maximum fee has been doubled to GH₵20.
This adjustment in mobile money withdrawal fees by MTN has garnered attention among its user base.