The Mobile Money Advocacy Group (MoMAG) has officially announced the immediate suspension of the GHȻ1000 cap on withdrawals following constructive discussions with relevant authorities regarding their commission concerns.
Earlier, Mobile Money (MoMo) agents nationwide had implemented a temporary measure, restricting cash withdrawals to a maximum of GH¢1,000 per transaction from December 1, 2023. This move aimed to highlight their grievances concerning insufficient compensation for their services.
However, in a statement released on Thursday, MoMAG clarified that the suspension of the withdrawal cap would take effect immediately. The decision comes as the group awaits the final resolution promised by the Ghana Chamber of Telecommunications and other telecommunications companies.
The statement read, “We believe that failure to heed this call of truncating this action will amount to disrespect to these institutions who had a fruitful meeting with us – the four mobile money associations. We think it will be prudent to hold on with the action for now.”
MoMAG urged its members to revert to the initial mode of transaction while awaiting the outcome of discussions anticipated in the coming year, 2024.
“MoMAG, however, dissociates itself from any publication/announcement/information and any association(s) which seems to affix itself to the previous (November 25, 2023) decision of GHȻ1000 withdrawals,” the statement added.
The decision to suspend the withdrawal cap demonstrates MoMAG’s commitment to engaging in productive dialogue to address the concerns of MoMo agents and ensure fair compensation for their valuable services.
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