MTN, the leading telecommunications company, has announced significant changes to its mobile money withdrawal transaction fees.
Starting from July 1, 2023, customers will experience an increase in fees for cash-out transactions above a certain threshold.
In a recent SMS circular sent to its customers, MTN MobileMoney Limited informed them about the adjustment.
According to the circular, cash-out transactions below GH₵2,000 will now attract a fee of 1% of the transaction amount.
However, for cash-out transactions of GH₵2,000 and above, a flat fee of GHS20 will be charged directly from the customer's wallet. The circular also emphasized that customers should not pay any additional fees to Mobile Money agents and should simply use the "Momo" platform for their transactions.
"Y'ello Valued Customer, kindly note that effective July 1, 2023, Cash out transactions below Ghc2,000 will attract a fee of 1%. Cash-out transactions from Ghc2,000 and above will attract a flat fee of Ghc 20. This will be charged to your wallet. Do not pay any other fee to any MoMo agent. Just Momo it".
Presently, MTN charges a maximum fee of 1% for cash-out transactions up to GH₵1,000, and a fee of GH₵10 for all cash-out transactions exceeding GH₵1,000. Under the new fee structure, the 1% fee will only apply to amounts below GH₵2,000, and the maximum fee has been doubled to GH₵20.
This adjustment in mobile money withdrawal fees by MTN has garnered attention among its user base.