Concerns about illegal MoMo charges will be addressed – BoG Governor assures

The Bank of Ghana says there are ongoing discussions among relevant authorities to address concerns regarding unauthorized deductions on mobile money transfers.

This development arises from growing concerns surrounding duplicative fees imposed by banks and mobile money agents during fund transfers from personal bank accounts to personal mobile wallets.

Dr. Ernest Addison, Governor of the Bank of Ghana at an earlier press briefing clarified that transfers made between oneself, whether across different wallets or into various bank accounts, should not incur any charges.

However, charges may apply only when the transfer involves a third party.

He says regulatory efforts are underway to ensure fair and transparent practices in 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.

About The Author

Related Articles

Check Also
Back to top button

This website uses cookies. By continuing to use this site, you accept our use of cookies.