We’ll address concerns of illegal MoMo charges – BoG

The Bank of Ghana says there are ongoing discussions among relevant authorities to address concerns regarding unauthorized deductions on mobile money transfers.

This development arises from growing concerns surrounding duplicative fees imposed by banks and mobile money agents during fund transfers from personal bank accounts to personal mobile wallets.

Dr. Ernest Addison, Governor of the Bank of Ghana at an earlier press briefing clarified that transfers made between oneself, whether across different wallets or into various bank accounts, should not incur any charges.

However, charges may apply only when the transfer involves a third party.

He says regulatory efforts are underway to ensure fair and transparent practices in the financial ecosystem.

“To my understanding, if you are doing this for yourself, there are really no charges. I think that it is where there are third party individuals involved that these charges come into play and it is something that we have raised in the past. It is an area that we are looking at because of and the issue of financial inclusion. It is very important for all of us,” he said.

For sometime now, Citi FM has been at the forefront of advocating for Bank of Ghana officials to intervene and rectify the unauthorized charges reported by mobile money users.

Already, the Ghana Revenue Authority (GRA), has attributed double charges in mobile money and banking transactions to financial institutions.

Meanwhile, the Chief Executive Officer of the Chamber of Telecommunications, Dr. Kenneth Ashigbey, has noted that there are no charges associated with depositing money into one’s Mobile Money (MoMo) account.

Dr. Ashigbey urged individuals subjected to such fees to promptly report the agent to their respective mobile networks or law enforcement.