The world’s largest mobile carrier, MTN Ghana, has decided against raising the cash-out fee for MoMo transactions, which was set to go into effect on July 1, 2023.
Following a significant customer backlash to the company’s SMS circular outlining the revised fee structure, MTN recently decided to rescind its earlier directive.
Ghana’s dominant telecom company, MTN, informed customers that it would raise the fee or charge for cash-out transactions exceeding GHS1,000.
However, the telco stated that all transactions up to GHS1,000 will continue to be subject to a 1% fee.
Notably, the new fee structure eliminated the GHS10 maximum fee for cash-out transactions costing between GHS1,000 and GHS2,000.
But MTN has since changed its mind after receiving a strong negative response from customers in the wake of the announcement. According to the company’s announcement, the cash-out fee will remain at 1%. Customers won’t see a rise in the costs associated with their MoMo transactions as a result.
MTN has advised customers against paying any additional fees above the 1% fee in addition to maintaining the current fee structure. The message from the telecom giant serves as a reminder to customers to exercise caution and make sure they do not pay any unauthorized or exorbitant fees when making MoMo cash-out transactions.
The company’s response to customer concerns and dedication to upholding a fair and open pricing structure are both demonstrated by MTN’s decision to reverse the fee increase.
MTN’s guarantee that the cash-out fee will stay at 1% gives customers clarity and assurance as the mobile money ecosystem continues to play a crucial role in Ghana’s financial landscape.
Customers will continue to benefit from the convenience of MoMo transactions without paying higher fees thanks to the new MTN Ghana directive.
