File photo: mobile money (MoMo)

The General Secretary of the Mobile Money Agents Association of Ghana, Evans Otumfuo has defended the group’s decision to cap cash withdrawals at a maximum of ¢1,000 per transaction a day.

He stated that the move will begin from today, December 1, 2023.

He explained that they are embarking on the action to draw attention to their concerns on inadequate compensation for their services.

“It appears that we are not getting to the end of the tunnel. So, a week ago, we informed the stakeholders that, by the 30th of November, if the issues persist, on December 1, we are directing all our members that any withdrawal request that will come to them, the maximum that we expect them to give to customers is ¢1000 cashout.”

He pointed out that all efforts to get the relevant stakeholders to come to their aid have proved futile.

He stated for example that the association has engaged the telcos and the regulator to improve compensations for their services but to no avail.

“We have tried every opportunity to seek progress with our concerns, but to no avail. Last year we engaged all the telcos, including the regulator and other relevant agencies in the industry, just to draw their attention to the issues that plague the business”.

Background

Mobile Money Agents Association of Ghana recently announced that its members will limit withdrawals to ¢1,000 per transaction a day from December 1, if nothing is done to improve the commission they get for their services.

They warned that the action will be a temporary measure which will be followed by more stringent measures.

The association stated that it hopes the temporary measure will catch the attention of the stakeholders to address their plight immediately.