Ghana Suspends Proposed 0.75% Wallet-to-Bank Transfer Fee, VASPA Applauds

The Bank of Ghana (BoG) has suspended the proposed 0.75 percent fee on wallet-to-bank transfers earlier scheduled to take effect from June 1, 2026, following growing public concerns and stakeholder reactions.

The central bank directed Mobile Money Fintech Limited (MMFL), operators of MTN Mobile Money (MoMo), to halt implementation of the charge pending further consultations across the financial services ecosystem.

The proposed fee would have applied to transfers from mobile money wallets to bank accounts and was expected to attract a cap of GH¢5 (about ₦525) per transaction.

In a statement issued by its Communications Department, the Bank of Ghana said the decision reflects its commitment to ensuring that any changes to charges within the digital financial services ecosystem are introduced fairly while protecting consumers and supporting their financial wellbeing.

The announcement follows widespread public backlash after MTN Ghana notified customers about the impending charge earlier this week.

Many users expressed concerns over the additional cost burden amid increasing reliance on mobile money services for daily transactions, savings, and business payments.

Industry stakeholders have described the suspension as a significant move toward consultative digital finance regulation in Africa.

The Virtual Asset Service Providers Association (VASPA) also commended the Bank of Ghana for adopting what it described as a “progressive and consultation-driven” regulatory approach.

According to reports, the central bank will continue engagements with industry players before making a final decision on the proposed fee structure.

Mobile money remains one of Ghana’s most important financial inclusion tools, serving millions of users across the country and supporting the broader digital economy agenda. Analysts believe the outcome of the consultations could shape future fintech and digital payments regulation across Africa.

The Bank of Ghana has not indicated when consultations will conclude or whether the proposed fee will eventually be revised, reduced, or completely withdrawn.

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