Image

MTN introduces new Mobile Money withdrawal fees

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.

Related Posts

Nigeria: Leadway partners Octamile  to launch “PayCover” for motor insurance

Leadway Assurance has teamed up with Octamile to introduce the “PayCover” solution, enabling customers to divide their motor…

Ghana: Access Bank Collaborates Ghana Education Service for ‘A Sandal More’

In a gesture of collaboration and commitment to improving the lives of pupils across Ghana, Access Bank has…

Nigeria: First Bank announces appointment of Olusegun Alebiosu as managing director

First Bank of Nigeria Limited, the commercial banking arm of the financial services group, has announced the appointment…

Sanlam Acquires 60% Stake in MultiChoice’s Insurance Business

Sanlam Limited (Sanlam) and MultiChoice Group Limited (MultiChoice) has announced that they have entered into an agreement for…