Bank of Ghana Takes Action to Address Unfair Mobile Money Transfer Charges

In a move to address growing concerns over unauthorized charges on mobile money transfers, the Bank of Ghana has initiated discussions with relevant stakeholders.

The initiative comes amid mounting apprehension over duplicate fees levied by banks and mobile money agents during transfers from personal bank accounts to personal mobile wallets.

According to Dr. Ernest Addison, Governor of the Bank of Ghana, “transfers made within one’s own accounts, whether across different wallets or into various bank accounts, should not incur any charges.

Charges, however, may be applicable only when the transfer involves a third party.”

He emphasized that the regulatory efforts are aimed at ensuring fairness and transparency within the financial ecosystem.

“It is very important for all of us,” Dr. Addison stressed. “To my understanding, if you are doing this for yourself, there are really no charges.

Also read; Speaker Reconvenes Parliament For Emergency Sittings on 17th May

I think that it is where there are third party individuals involved that these charges come into play and it is something that we have raised in the past.”

The media has been at the forefront advocating for Bank of Ghana to intervene and rectify the unauthorized charges reported by mobile money users.

The Ghana Revenue Authority (GRA) has also attributed double charges in mobile money and banking transactions to financial institutions.

Meanwhile, the Chief Executive Officer of the Chamber of Telecommunications, Dr. Kenneth Ashigbey, has clarified that there are no charges associated with depositing money into one’s Mobile Money (MoMo) account.

He urged individuals subjected to such fees to promptly report the agent to their respective mobile networks or law enforcement.

The Bank of Ghana’s efforts aim to address the issue of financial inclusion and ensure that mobile money users are not unfairly charged for transactions.

With these developments, it is expected that mobile money users will soon experience greater transparency and fairness in their transactions.

Here are some tips to know when doing transactions either bank or mobile money in Ghana:

1. Check your account balance: Ensure you have sufficient funds in your mobile money or bank account before making a transaction.

2. Use a mobile banking app: Consider using a mobile banking app to monitor your account and make transactions more conveniently.

3. Know your MoMo limits: Understand your daily and monthly transaction limits on your mobile money account.

4.Verify charges: Before making a transaction, verify the charges with your mobile money operator to avoid any surprise fees.

5. Be cautious of agent fees: Be aware of agent fees and charges when making transactions at physical agents.

6. Use a secure PIN: Use a secure PIN to protect your account either momo or bank from unauthorized access.

7. Monitor your account: Regularly monitor your mobile money and bank account to detect any suspicious activity.

By following these tips, you can ensure a safe and secure financial experience when doing transactions in Ghana.

For more stories; click Here.