The Bank of Ghana has initiated discussions among relevant stakeholders to address concerns regarding unauthorized mobile money transfer charges.
This comes amidst mounting apprehension over duplicative fees levied by banks and mobile money agents during transfers from personal bank accounts to personal mobile wallets.
Dr. Ernest Addison, Governor of the Bank of Ghana, clarified that, 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.
Dr. Addison said the ongoing regulatory efforts aimed at ensuring fairness and transparency within the financial ecosystem.
“To my understanding, if you are doing this for yourself, there are really no charges. 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. It is an area that we are looking at because of and the issue of financial inclusion. It is very important for all of us,” he said.
For some time now, the media has been at the forefront advocating for Bank of Ghana to intervene and rectify the unauthorized charges reported by mobile money users.
Already, the Ghana Revenue Authority (GRA), has 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 noted that, there are no charges associated with depositing money into one’s Mobile Money (MoMo) account.
Dr. Ashigbey urged individuals subjected to such fees to promptly report the agent to their respective mobile networks or law enforcement.
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