Telecommunications giant MTN has recently announced that it will be raising the transaction fees for mobile money cashouts, starting from July 1st. The new fee structure entails a flat fee of GHS20 for all cashout amounts equal to or exceeding GHS2,000. This change comes at a time when citizens are already grappling with economic challenges, including inflation, rising prices, and job losses.
Currently, MTN charges a maximum fee of 1% for cashout transactions up to GHS1,000, and GHS10 for transactions exceeding that amount. However, with the new fee adjustment, the 1% fee will apply to transactions up to GHS2,000, while the maximum fee will double to GHS20. This means that even cashout transactions ranging from GHS1,000 to GHS2,000 will be subject to higher fees than before.
The decision by MTN to implement these fee increases has raised concerns among Ghanaians, especially given the existing 1% electronic transfer levy (e-levy) imposed on most digital financial transfers. The company is yet to provide a clear explanation for the rationale behind this fee adjustment.
As MTN is a major player in the telecommunications industry, this change in mobile money cashout fees will undoubtedly affect a significant number of mobile money users in Ghana. It remains to be seen how this move will impact the overall mobile money landscape and whether other service providers will follow suit with similar fee adjustments.
It is important for customers to stay informed about these changes and be mindful of the new fee structure when conducting mobile money cashout transactions.