Ghanaians can now heave a sigh of temporary relief as the Bank of Ghana (BoG) has directed Mobile Money Fintech Limited (MMFL) to suspend its planned 0.75% charge on direct wallet-to-bank transfers.
The fee, which was originally scheduled to take effect on June 1, 2026, has now been put on hold pending further consultation between regulators and stakeholders in the financial services ecosystem.
In a statement issued by the central bank a day after the announcement by Mobile Money Fintech Limited, the suspension reflects its commitment to ensuring that any changes to pricing within Ghana’s fast-growing mobile financial services space are implemented in a manner that is fair, transparent, and protective of consumers.
“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,” the statement released on Tuesday morning announced.
Following the bulk SMS alerts sent to customers, some subscribers took to social media to express their frustration over the development. While some bemoaned how the development will increase the cost of money transfers, some analysts were concerned about its impact on financial inclusion.
However, the BoG’s swift intervention will, for now, calm nerves as the consultation proceeds. It effectively pauses what had become a widely discussed proposal that many customers feared would increase the cost of moving money between mobile wallets and bank accounts.
The Bank of Ghana emphasized that its broader goal is to ensure that the mobile money ecosystem remains sustainable while still supporting consumer financial well-being and access to affordable digital financial services.
Although the suspension is temporary, it has been welcomed by many users who had begun adjusting expectations ahead of the planned rollout of the new fee.
