The Mobile Money Advocacy Group (MoMAG) has announced the immediate suspension of the GHȻ1000 cap on withdrawals.
According to MoMAG, this decision comes after discussions with relevant authorities regarding their modest and stagnant commissions.
In an effort to secure fair compensation for their services, Mobile Money (MoMo) agents throughout Ghana had earlier declared a temporary measure, restricting cash withdrawals to a maximum of GH¢1,000 per transaction starting from December 1, 2023.
The Association clarified that, this temporary measure aimed to highlight their longstanding concerns about insufficient compensation for their services.
However, in a statement released on Thursday, MoMAG said the suspension would take effect immediately as they await the final resolution promised by the Ghana Chamber of Telecommunications and other telecommunications companies.
“We believe that failure to heed this call to halt this action would amount to disrespect towards these institutions with whom we had a productive meeting – the four mobile money Associations. We think it would be prudent to suspend the action for now” the statement said.
MoMAG encouraged its members to revert to the initial transaction mode while awaiting the outcome of the discussions in the upcoming year, 2024.
“MoMAG, however, disassociates itself from any publication/announcement/information and any association(s) that appears to align itself with the previous decision of GHȻ1000 withdrawals made on November 25, 2023,” it added.
SUSPENSION OF “GHȻ1000 WITHDRAWALS”
I write on behalf of the Executive Board MoMAG to inform you that, we have had meetings with the relevant authorities, regarding our meagre and static commissions and the subsequent action of withdrawal of GHȻ 1,000 and have concluded on the following:
That, we are suspending with immediate effect the action on GHȻ1000 withdrawals for a while as we wait for the final resolution as promised by the Ghana Chamber of Telecommunications and other Telcos
We believe that failure to heed to this call of truncating this action, will amount to disrespect to these institution that had a fruitful meeting with us – the four mobile money associations. We think it will be prudent to hold on with the action for now.
We are by this, urging MoMAG members to revert to the initial mode of transaction, while we wait for the outcome of the discussions in the coming year, 2004.
MoMAG, however, dissociate itself from any publication/announcement/information and any association(s) which seems to affix itself to the previous (November 25, 2023) decision of GHȻ1000 withdrawals.
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