The Bank of Ghana (BoG) has announced it will engage selected commercial banks following reports of reintroduced or increased transfer charges on bank-to-mobile wallet transactions, just weeks after the controversial Electronic Transfer Levy (E-Levy) was repealed.
Concerns have been mounting among consumers who expected a cost reduction in digital transfers after the scrapping of the E-Levy, only to find new charges imposed by some banks. The Central Bank says it’s now taking a closer look at these developments to ensure transparency and protect customer interests.
“It is something that came to our attention that some banks were imposing these kinds of charges. We are looking into that. I am aware of one particular bank. This is very well noted and we are happy to look into the matter,” said BoG Governor Dr. Johnson Asiama during the Monetary Policy Committee briefing.
Although the Central Bank has yet to confirm a direct link between the E-Levy repeal and recent shifts in consumer banking behaviour, internal data shows a noticeable contraction in the sector. Total deposits across banks declined by GH₵ 5 billion between March and April 2025, raising further questions about the motivations behind the newly reintroduced fees.
Mobile Money Gains Momentum
While traditional banking appears to be under pressure, the mobile money sector is experiencing robust growth. According to the BoG, April 2025 saw a record-breaking GH₵ 365.0 billion in mobile money transaction value, up 3.8% from GH₵ 351.7 billion in March. It’s the highest monthly figure recorded so far this year.
Transaction volumes also surged, rising from GH₵ 764 million in March to GH₵ 778 million in April, highlighting a growing consumer shift toward digital financial platforms for both everyday and business-related transactions.
The Central Bank attributes this acceleration to increased mobile penetration, expansion of mobile agent networks, and the growing convenience of mobile-based services.
