The Bank of Ghana (BoG) has directed Mobile Money Fintech Limited (MMFL) to suspend the implementation of its proposed 0.75 percent charge on direct wallet-to-bank transfers, effectively putting on hold a levy that was scheduled to take effect on June 1, 2026.
The central bank says the suspension is to allow for further stakeholder consultations before a final decision is taken.
In a statement, the BoG stressed that the move is aimed at ensuring fairness, consumer protection and transparency within the mobile financial services sector.
“The Bank of Ghana informs the public that Mobile Money Fintech Limited (MMFL) has been directed to pause the implementation of its proposed 0.75 percent fee on direct wallet-to-bank transfers,” it said.
It added that “the fee was scheduled to take effect on 1 June 2026 but is now on hold to allow for further consultation,” noting that the decision reflects its commitment to safeguarding consumer welfare and financial wellbeing.
The proposed charge, capped at GH¢5 per transaction, had already been communicated to customers via SMS, triggering widespread public reaction and debate.
Many users and businesses expressed concern over the new deduction, describing it as a possible reintroduction of the controversial electronic transfer levy in a different form, especially amid existing charges on digital transactions.
The development also raised fears among traders and fintech users over increased transaction costs and potential effects on financial inclusion.
E-levy+
The proposed fee, widely described by sections of the public as “E-levy+,” had sparked significant backlash shortly after SMS alerts were sent to customers on May 25, 2026, notifying them of the impending charge.
The message indicated that “transfers from your MoMo Wallet to bank accounts will attract a fee of 0.75 percent per transaction, capped at GH¢5,” a move that quickly generated public criticism.
Freight forwarders backing
Reacting to the BoG’s directive, the Freight Forwarders Association of Ghana (FFAG) welcomed the suspension, describing it as timely and in the interest of the business community.
In a statement signed by its President, Francis Nyarepe-Attipoe, the association said the proposed charge would have imposed additional financial pressure on freight forwarders, importers, exporters, transport operators and small businesses operating within the ports and logistics sector.
It explained that mobile money transactions are central to port operations, including customs clearance, payments to service providers, logistics coordination and emergency transactions.
According to FFAG, the added cost would likely have been passed on to consumers, increasing the cost of doing business and affecting trade efficiency.
The association further urged Mobile Money Fintech Ltd and other financial sector players to deepen consultations with industry stakeholders before introducing policies with broader economic implications.
It stressed that digital financial reforms must be guided by broad engagement, impact assessment and consensus-building.
The BoG has assured that further consultations will be held before any final decision is taken on the proposed fee.
