The Bank of Ghana has ordered MTN Ghana to suspend a newly introduced 0.75% fee on transfers from its mobile money (MoMo) wallets to bank accounts, a move that followed significant public criticism and questions over regulatory oversight. The directive, issued on June 7, 2026, requires the telecommunications giant to cease the levy immediately and submit the fee structure for formal review and approval.
MTN Ghana had implemented the charge, which it described as an Electronic Money Issuer (EMI) levy, on June 1, 2026. The company stated the fee was necessary to support the sustainability of its mobile money service and the ecosystem of agents and merchants. In a notice to customers, MTN said the charge applied to transfers initiated via its mobile app, USSD menu, or through MoMo agents, and was deducted from the amount being sent.
Public reaction to the fee was swift and largely negative, with many users and commentators expressing frustration on social media and in public discourse. Critics argued the charge would disproportionately affect lower-income users and small businesses who rely on mobile money for daily financial activities, effectively creating a cost for accessing formal banking channels. The debate highlighted the delicate balance mobile money operators must strike between driving financial inclusion and achieving profitability.
"The Bank of Ghana has noted the public outcry and has therefore directed MTN Ghana to suspend the implementation of the EMI levy pending further engagement with the Bank," a central bank spokesperson said.
According to a report by Modern Ghana, the central bank's intervention came after it determined that MTN had not sought the necessary prior approval for the new fee, a requirement under Ghana's payment systems regulations. The report characterized the episode as a "governance failure" that led to a "panicked retreat" by the operator following the regulator's scrutiny. Mobile money services in Ghana, led by MTN MoMo, have become a cornerstone of the country's digital financial landscape, processing billions of cedis in transactions annually and serving millions of subscribers.
The suspension underscores the active and sometimes contentious role of regulators in Africa's rapidly evolving fintech sector. As digital financial services become more embedded in daily life, regulators like the Bank of Ghana are increasingly focused on consumer protection, market conduct, and ensuring the stability of payment systems. The incident also reflects the commercial pressures on mobile money providers, which have historically used low or no fees to drive adoption but are now seeking sustainable revenue models as transaction volumes grow.
MTN Ghana has not publicly commented on the suspension beyond acknowledging the central bank's directive. Industry observers will be watching to see if the company submits a revised fee proposal and how the Bank of Ghana assesses its impact on consumers and the broader financial inclusion agenda. The outcome could set a precedent for how similar fees are regulated across the continent, where mobile money remains the primary digital financial tool for millions.