Bank of Ghana Halts MTN Mobile Money Transfer Fee Amid Industry Review

The Bank of Ghana has suspended a proposed 0.75% fee on mobile money-to-bank account transfers introduced by Mobile Money Fintech Limited (MMFL), the mobile money subsidiary of MTN Ghana, just days before the charge was scheduled to take effect on June 1.

In a statement, the central bank said it had directed MMFL to pause implementation of the fee pending further consultations with industry stakeholders. The decision temporarily blocks a charge that would have affected one of Ghana’s most widely used digital payment channels, where mobile money wallets play a critical role in everyday transactions.

The suspension comes less than two months after MTN Group completed the restructuring of its Ghana mobile money operations into a standalone fintech business, Mobile Money Fintech Limited. The separation is part of MTN’s broader strategy to position fintech as an independent growth engine, expand digital financial services, and attract potential strategic investors.

The Bank of Ghana’s intervention underscores the growing importance of mobile money within the country’s financial ecosystem. Although wallet-to-bank transfers account for an estimated 7% of total mobile money transaction value, they serve as a key bridge between mobile wallets and traditional banking services, enabling users to move funds seamlessly across formal and informal financial channels.

While the proposed fee could enhance revenue generation for MTN’s fintech business, it also raised concerns about increasing transaction costs for consumers and small businesses already facing taxes and charges on electronic payments. The regulator’s decision highlights the delicate balance between allowing fintech operators to monetize digital payment infrastructure and safeguarding affordability, financial inclusion, and consumer trust.

Ghana remains one of MTN’s largest and most significant mobile money markets. In 2025, mobile money transactions reached GH¢518.4 billion, representing a 58.3% year-on-year increase. Transaction volumes grew by 38.1% to 982 million, while active mobile money wallets rose by 13.6% to 26.7 million. The country also recorded nearly 491,000 active mobile money agents, demonstrating the scale and reach of the ecosystem.

The proposed fee has reignited debate around the cost of digital payments in Ghana. Mobile money users have already experienced additional charges through the Electronic Transfer Levy (E-Levy), which was introduced at 1.5% in 2022 before being reduced to 1% in 2023.

The Bank of Ghana said discussions with industry participants will continue before a final decision is reached on MMFL’s proposed fee structure. The outcome could set an important precedent for how digital payment services are priced in one of Africa’s most advanced mobile money markets.

West Arekameh