BoG Halts Proposed Wallet-to-Bank Transfer Fee
The Bank of Ghana has directed Mobile Money Fintech Limited (MMFL) to suspend the planned 0.75% fee on direct wallet-to-bank transfers, stepping in just days before the charge was scheduled to take effect on June 1.
The decision follows growing public concern over the potential cost implications for digital transactions at a time when Ghana is pushing for deeper financial inclusion and a cash-lite economy.
In a statement issued Tuesday, the central bank said the proposed charge has been put on hold pending further consultation, signaling regulatory caution over introducing new costs within the rapidly expanding mobile money ecosystem.
“The Bank of Ghana informs the public that Mobile Money Fintech Limited (MMFL) has been directed to pause the implementation of its proposed 0.75 percent fee on direct wallet-to-bank transfers,” the statement said.
The central bank emphasized that the suspension reflects its commitment to ensuring that any adjustments to digital financial service charges are implemented fairly while protecting consumers and supporting financial wellbeing.
The proposed fee had triggered widespread debate across Ghana’s financial and fintech sectors, with critics warning that additional transaction costs risk undermining recent gains in digital banking adoption and mobile money interoperability.
Wallet-to-bank transfers have become increasingly important within Ghana’s payment ecosystem, particularly among small businesses, traders, salaried workers and young digital users who rely heavily on mobile money platforms for daily financial transactions.
Industry analysts say the suspension highlights the delicate balancing act facing regulators as they attempt to support innovation and profitability within the fintech sector while avoiding measures that could discourage transaction volumes or weaken consumer confidence.
The development also underscores the growing sensitivity surrounding digital transaction costs in Ghana following years of public resistance to electronic transfer-related charges.
Ghana’s mobile money sector remains one of the most active in Africa, with transaction values continuing to rise as banks, telecom operators and fintech firms deepen integration between mobile wallets and formal banking systems.
For now, the proposed fee remains frozen as regulators, fintech operators and industry stakeholders continue consultations on the way forward.
