Mobile Money

The Institute of Statistics, Social, and Economic Research has indicated that the new restriction on mobile money (MoMo) transactions could derail the digitization of micro, small, and medium-sized enterprises and progress in the cash-lite economy. In a press statement copied to the Ghana News Agency, the Institute acknowledged that the proposed rate would have a minimal impact on small-value transactions. However, ISSER noted that the move would adversely impact micro, small, and medium enterprises that rely on MoMo for their financial transactions. “Worthy of attention is the potential impact on micro and small enterprises, especially traders and farmers within the…

In an effort to inform its customers, MTN, a prominent telecommunications company, has announced a forthcoming modification to its mobile money withdrawal transaction fees. Starting from July 1, 2023, customers can expect an adjustment in fees for cash-out transactions that exceed a specific threshold. MTN MobileMoney Limited recently dispatched an SMS circular to its customers, providing details about the fee changes. As per the circular, cash-out transactions below GH₵2,000 will now incur a fee equivalent to 1% of the transaction amount. On the other hand, for cash-out transactions totaling GH₵2,000 and above, a flat fee of GHS20 will be directly…