BoG Probes Reintroduced Bank Transfer Fees Amid E-Levy Removal

The Bank of Ghana (BoG) has initiated an investigation into the reintroduction of transfer charges by some commercial banks, following the recent removal of the Electronic Transfer Levy (E-Levy).

The probe comes in response to growing customer complaints over newly imposed or increased fees on transfers between personal bank accounts and mobile money wallets.

These charges reportedly re-emerged shortly after the controversial levy was scrapped.

According to BoG data, the banking sector experienced a significant GH¢5 billion decline in total deposits between March and April 2025.

While the cause of the drop is yet to be established, the BoG Governor Dr Johnson Asiama says the Central Bank is closely monitoring the situation and will engage the banks involved.

“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,” Dr Asiama said.

Meanwhile, mobile money platforms recorded a significant uptick in activity.

In April 2025, the total value of mobile money transactions reached GHC 365.0 billion a 3.8% increase from GH¢351.7 billion in March.

This marks the highest monthly value recorded so far this year.

The number of transactions also rose, from 764 million in March to 778 million in April, underscoring the growing reliance on mobile money for both personal and business use.

The BoG attributes this continued growth to increased mobile penetration, the expansion of agent networks, and the convenience of mobile-based financial services, all of which contribute to deepening financial inclusion and accelerating the shift toward a cash-lite economy.

Source: Ghanaweb