MTN, the leading telecommunications company, reversed its earlier decision to increase its mobile money withdrawal transaction fees.
MTN in SMS circular sent to its customers over the weekend MTN, said starting from July 1, 2023, customers will experience an increase in fees for cash-out transactions above a certain threshold.
According to the circular, cash out transactions below GH₵2,000 will now attract a fee of 1% of the transaction amount.
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.
However, in a recent statement on Monday, June 26, the telecommunications giants has withdrawn the increment, stating that the cashout fee of 1% capped at GHS10 still remains until further notice.
"The planned review of the cash-out fee for MoMo has been withdrawn. The current cash-out fee of 1%, capped at GHS10, still remains and will be charged to your wallet. Do not pay any other fees," MTN statement said.
MTN expressed regrets for any inconvenience caused by the earlier notice.
