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May 26, 2026
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Bank of Ghana suspends proposed wallet-to-bank transfer fee following public concerns
Money
Policy
Growth
Key Points
- The Bank of Ghana (BoG) has directed Mobile Money Fintech Limited (MMFL) to suspend a proposed 0.75% fee on direct wallet-to-bank transfers.
- The fee was initially scheduled to take effect on 1 June.
- The suspension is temporary, intended to allow for further stakeholder consultations within the mobile financial services ecosystem.
- BoG stated the decision aims to safeguard consumer interests and promote financial inclusion by ensuring fair introduction of charges.
- The proposed charge had previously generated public concern regarding potential impacts on transaction costs and digital financial access.
Why This Matters
This decision is significant for Ghana as mobile money services are a critical component of the nation's financial system, providing access to millions, especially those underserved by traditional banking. The central bank's intervention directly impacts transaction costs and financial inclusion, demonstrating a commitment to balancing digital finance innovation with consumer protection and affordability for a large segment of the population.
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