MTN Mobile Money cash withdrawals to Be GH₵1,000 per transaction
In a decision to secure fair recompense for their services, Mobile Money Agents Associations in Ghana have announced a temporary measure to restrict cash withdrawals to a maximum of GH₵1,000 per transaction, effective December 1, 2023.
The decision, reached by the leadership of the four Mobile Money Agents Associations, namely the Mobile Money Agents Association of Ghana (MMAAG), ABAG, Mobile Money Advocacy Group (MoMAG), and Northern MoMo Agents Association of Ghana (NoMAAG), aims to address the persistent concerns pertaining to the commissions paid to agents.
“Our goal is to ensure fair compensation for the dedicated agents who play a crucial role in the Mobile Money ecosystem,” the agents stated in a jointly signed statement released today.
The associations emphasized that this measure is a temporary step, and they will continue to engage with service providers to seek a favourable adjustment to commission rates. However, if no satisfactory resolution is reached within the one-month period, they will be compelled to implement further action plans.
“We urge all stakeholders, including customers, to join us in mobilizing support for fair compensation to Mobile Money Agents,” the statement added. “Your cooperation and solidarity are pivotal in ensuring the sustainability of Mobile Money services in Ghana.”
The associations copied MTN Mobile Money Limited, AT Cash, Vodafone Cash, Bank of Ghana, Ghana Chamber of Telecommunication Companies, and all media houses regarding the decision.
Background on Mobile Money Agents’ concerns
In May 2023, the Mobile Money Agents demanded an increase in the commission cap to GH₵3,000 from the current GH₵1,000. They also requested a 50% share of cash-out commissions and a maximum cash-out amount of GH₵1,000.
Additionally, they expressed concerns about the delay in commission payments and the unilateral decision by service providers to switch to a two-payment cycle.
MORE STORIES:2023 BECE Home Mock produced excellent results (7-Ones to Agg. 13)
Mobile Money transactions in Ghana
Total Mobile Money cash withdrawals in the first eight months of 2023 reached a record GH₵1.190 trillion, according to the September 2023 Summary of Economic and Financial Data from the Bank of Ghana.
This amount represents a significant increase from GH₵655.97 billion recorded during the same period in 2022, foregrounding the crucial role of Mobile Money services in the Ghanaian economy.
Send Stories | Social Media | Disclaimer
Send Stories and Articles for publication to [email protected]
We Are Active On Social Media
WhatsApp Channel: JOIN HERE
2024 BECE and WASSCE Channel - JOIN HERE
Facebook: JOIN HERE
Telegram: JOIN HERE
Twitter: FOLLOW US HERE
Instagram: FOLLOW US HERE
Disclaimer:
The information contained in this post on Ghana Education News is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.