BoG Steps In to Halt New Mobile Money Charge, Orders Wider Consultation

The Bank of Ghana (BoG) has directed Mobile Money Fintech Limited (MMFL) to suspend plans to introduce a new fee on wallet to bank transfers, following growing public concern over the proposed charge.

MMFL had announced a 0.75 percent fee on direct transfers from mobile money wallets to bank accounts, scheduled to take effect on June 1, 2026. The proposal immediately sparked concerns among mobile money users and sections of the public who feared increasing costs on everyday digital transactions.

In a statement issued on Tuesday, the central bank said it had instructed MMFL to pause the implementation to allow for broader stakeholder consultation.

The Bank of Ghana informs the public that Mobile Money Fintech Limited has been directed to pause the implementation of its proposed 0.75 percent fee on direct wallet to bank transfers. The fee was scheduled to take effect on June 1, 2026, but is now on hold to allow for further consultation, the statement said.

According to the BoG, the decision forms part of its commitment to ensuring transparency, fairness, and consumer protection within Ghana’s mobile financial services ecosystem.

This 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 central bank added.

Wallet to bank transfers have become one of the most widely used services within Ghana’s digital payments sector, especially with increasing interoperability between mobile money platforms and traditional banking systems. The service has played a significant role in advancing financial inclusion by enabling individuals, merchants, and small businesses to move funds seamlessly between accounts.

The proposed fee comes at a particularly sensitive time, following widespread public backlash against Ghana’s E Levy, which imposed charges on electronic transfers and was eventually abolished in April 2025. The experience has left many Ghanaians cautious about the introduction of new transaction related charges.

It remains unclear how long consultations on the proposed fee will continue or whether MMFL will revise the proposal before seeking approval again. The Bank of Ghana has not indicated whether the charge could eventually be approved in a modified form or permanently withdrawn.

The latest move by the central bank signals a stronger stance on transparency and stakeholder engagement regarding digital finance charges, a development likely to be welcomed by consumer groups and mobile money users across the country.