MTN Increases Mobile Money Cashout Fees Effective July 1st
MTN, the leading telecommunications company, has announced an upcoming change to its mobile money withdrawal transaction fees in a recent broadcast.
Starting from July 1st, the withdrawal fee for amounts equal to or above GHS2,000 will be increased to GHS20, according to an SMS circular sent to customers by MTN MobileMoney Limited.
The circular states that cash-out transactions below GHS2,000 will attract a fee of 1%, while transactions of GHS2,000 and above will incur a flat fee of GHS20.
Previously, the maximum fee charged for cash-out transactions was 1% for amounts up to GHS1,000 and GHS10 for transactions above GHS1,000.
However, under the new policy, the 1% fee will be applicable for amounts up to GHS2,000, and the maximum fee will be doubled to GHS20.
As a result, cash-out transactions between GHS1,000 and GHS2,000 will also now incur more than GHS10.
This fee increase announcement comes amidst challenging economic conditions in Ghana, with citizens expressing concerns about rising inflation, increasing prices of goods and services, unemployment, and low income levels.
Additionally, Ghanaians have already been grappling with the implementation of a 1% electronic transfer levy (e-levy) on most digital financial transfers. However, MTN has yet to provide an explanation for the decision to raise cash-out transaction fees at this particular time.