GH¢1000 withdrawal cap is suspended by MoMo agents

The Mobile Money Advocacy Group (MoMAG) has announced the immediate suspension of the GHȻ1000 cap on withdrawals.

According to MoMAG, this follows meetings with the relevant authorities, regarding their meagre and static commissions.

In a bid to secure fair compensation for their services, Mobile Money (MoMo) agents across Ghana announced that they will implement a temporary measure limiting cash withdrawals to a maximum of GH¢1,000 per transaction from December 1, 2023.

The Association explained that the temporary measure was intended to draw attention to their long-standing concerns regarding inadequate compensation for their services.

But in a statement issued on Thursday, MoMAG said the suspension would take effect immediately while “we wait for the final resolution as promised by the Ghana Chamber of Telecommunications and other Telcos.”

“We believe that failure to heed this call of truncating this action will amount to disrespect to these institutions who had a fruitful meeting with us – the four mobile money associations. We think it will be prudent to hold on with the action for now.”

It urged members to revert to the initial mode of transaction, while it waits for the outcome of the discussions in the coming year, 2024.

“MoMAG, however, dissociates itself from any publication/announcement/information and any association(s) which seems to affix itself to the previous (November 25, 2023) decision of GHȻ1000 withdrawals,” it added.