Mobile Money agents halt GHS1,000 withdrawal limit.

The Mobile Money Advocacy Group (MoMAG) has immediately suspended the decision to limit mobile money withdrawals to GHC 1000.

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It follows discussions on what they regard to as meager and stagnant commissions with the Ghana Chamber of Telecommunications.

Starting on December 1st, the Mobile Money agents implemented a limit of GHC 1000 for each withdrawal, aimed at bolstering their investment income and validating their complaints over the inadequate commissions.

Their main grievance was that since mobile money first became available 15 years ago, the telecoms have refused to raise their commissions, and any amount withdrawn from GHS1,000 and upwards only incurs a GHS10 cost, which is not in their best interests.

In the past, MTN attempted to raise the maximum from GHS 10 to GHS 20, only to put a little cash in the hands of the agents. However, the Bank of Ghana halted that action in response to a significant public uproar. To guarantee that they deducted GHS10 from each pesewa withdrawn, the agents consequently instituted the GHS1,000 limit withdrawal.

According to certain agents who spoke with Techfocus24, putting that regulation into effect has not been especially simple for them because they often conduct business with individuals who withdraw more than GHS1000; they believe that this policy will just drive these individuals to search for other options.

MoMAG stated, “We are by this, urging MoMAG membership to revert to the initial mode of purchase, while we wait for the result of the discussions in the remainder of 2004,”

“I am writing on behalf of the Executive Board MoMAG to let you know that we have met with the appropriate authorities to discuss our meager and stagnant commissions and the action of withdrawing GH˻ 1,000. Based on our discussions, we have come to the following conclusions.

“That, as promised by the Ghana Chamber of Telecommunications and other Telcos, we are waiting for the final settlement before we cease the action on GH˙1000 withdrawals for a period. We feel that disregarding this request to end the action will be interpreted as disrespect towards the four mobile money organizations, an organization that we had a productive discussion with. We believe it will be wise to continue the action for the time being.

As we wait for the resolution of the negotiations in the upcoming year, 2024, we are by this, pushing MoMAG members to return to the original method of transaction, according to the MoMAG statement.

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