BoG to Address Concerns of Unauthorized MoMo Charges

The Bank of Ghana has announced ongoing discussions among relevant authorities to address concerns regarding unauthorized deductions on mobile money transfers.

This initiative stems from mounting concerns regarding duplicative fees imposed by banks and mobile money agents during fund transfers from personal bank accounts to personal mobile wallets.

Governor of the Bank of Ghana, Dr. Ernest Addison, clarified at an earlier press briefing that transfers made between oneself, whether across different wallets or into various bank accounts, should not incur any charges.

However, charges may apply only when the transfer involves a third party.

Dr. Addison emphasized that regulatory efforts are underway to ensure fair and transparent practices in the financial ecosystem.

He stated, “To my understanding, if you are doing this for yourself, there are really no charges. I think that it is where there are third party individuals involved that these charges come into play and it is something that we have raised in the past. It is an area that we are looking at because of and the issue of financial inclusion. It is very important for all of us.”

 

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