MTN introduces new Mobile Money withdrawal fees

By InstinctBusiness Jun 27, 2023 0

A leading telecommunications company, MTN has announced significant changes to its mobile money withdrawal transaction fees.

Effective July 1, 2023, customers will experience an adjustment in fees for cash-out transactions exceeding a specific threshold.

MTN took the initiative to inform its customers about the upcoming modifications through an SMS circular.

According to the circular, cash-out transactions below GH₵2,000 will now be subject to a fee equivalent to 1% of the transaction amount.

However, for cash-out transactions equal to or exceeding GH₵2,000, a flat fee of GHS20 will be directly deducted from the customer’s wallet.

It is worth noting that the circular explicitly mentioned that customers should not pay any additional fees to Mobile Money agents. Instead, they are advised to utilize the “Momo” platform exclusively for their transactions.

Under the current fee structure, MTN charges a maximum fee of 1% for cash-out transactions up to GH₵1,000. Additionally, a fee of GH₵10 is applicable for all cash-out transactions surpassing GH₵1,000.

However, with the introduction of the new fee system, the 1% fee will only be levied on amounts below GH₵2,000, while the maximum fee has been doubled to GH₵20.