MoMo agents to limit cash withdrawals at GH¢1,000 per transaction

Effective December 1, 2023, Mobile Money (MoMo) agents in Ghana will impose a temporary limit on cash withdrawals, with a maximum of GH¢1,000 per transaction, in an effort to ensure just recompense for their services.

Four MoMo Associations—the Northern MoMo Agents Association of Ghana (NOMAAG), the Mobile Money Advocacy Group (MOMAG), the Mobile Money Agents Association Ghana (MMAAG), and the ABAG—announced the decision in a joint statement.

The Associations clarified that the purpose of this interim action is to raise awareness of their long-standing complaints about inadequate payment for their services.

MoMo agents to limit cash withdrawals at GH¢1,000 per transaction

They made it clear that the change is not intended to annoy consumers, but rather to draw attention to the necessity of MoMo agents having a viable business plan.

“During this period, we will continue to actively engage with service providers to address the commission review concerns raised,” the Associations stated. “If, within the one-month period, there is no favourable adjustment, we will regrettably have to implement further action plans.”

The Associations made a request for cooperation from all parties involved, including consumers, in order to ensure that MoMo agents receive just compensation. They underlined that maintaining a just and equitable structure for all parties concerned is essential to the long-term viability of MoMo services in Ghana.

“We urge you to join us in mobilizing support for fair compensation to Mobile Money Agents,” the Associations appealed.

The decision to cap cash withdrawals is likely to have an impact on MoMo users, particularly those who rely on these services for large transactions.

The Associations did, nonetheless, convey their optimism that clients will comprehend the reasoning for this interim solution and assist them in obtaining just reimbursement.

The MoMo industry has expanded dramatically in recent years and is now a vital part of Ghana’s financial system.

Because MoMo agents are essential to the success of these transactions, their concerns about pay are urgent.

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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