MoMo agents suspend GH¢1000 cap on withdrawals

MoMAG, the Mobile Money Advocacy Group, has declared that the GH~1000 withdrawal cap will be immediately suspended.

This, according to MoMAG, comes after discussions about their meager and stagnant commissions with the appropriate authorities.

Mobile Money (MoMo) agents around Ghana declared that, starting on December 1, 2023, they will impose a temporary measure restricting cash withdrawals to a maximum of GH¢1,000 per transaction in an effort to obtain just compensation for their services.

The Association clarified that their long-standing concerns about receiving little payment for their services were the reason behind the temporary solution.

MoMo agents suspend GH¢1000 cap on withdrawals

But in a statement issued on Thursday, MoMAG said the suspension would take effect immediately while “we wait for the final resolution as promised by the Ghana Chamber of Telecommunications and other Telcos.”

“We believe that failure to heed this call of truncating this action will amount to disrespect to these institutions who had a fruitful meeting with us – the four mobile money associations. We think it will be prudent to hold on with the action for now.”

It urged members to revert to the initial mode of transaction, while it waits for the outcome of the discussions in the coming year, 2024.

“MoMAG, however, dissociates itself from any publication/announcement/information and any association(s) which seems to affix itself to the previous (November 25, 2023) decision of GHȻ1000 withdrawals,” it added.

Akosua Boatemaa

I'm Yours Truly, Blogger Akosua Boatemaa. I'm here to feed Your eyes and Ears with Authentic News Updates.

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