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GHANA WEATHER

Mobile Money Agents to limit cash withdrawals to GH₵1,000 per transaction

New restriction on MoMo transaction could derail digitisation of MSMEs – ISSER
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In a move to secure fair compensation 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 – Mobile Money Agents Association of Ghana (MMAAG), ABAG, Mobile Money Advocacy Group (MoMAG), and Northern MoMo Agents Association of Ghana (NoMAAG) – aims to address long-standing concerns regarding the level of 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.

Mobile Money transactions in Ghana

Total Mobile Money transactions 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 represents a significant increase from GH₵655.97 billion recorded during the same period in 2022, highlighting the crucial role of Mobile Money services in the Ghanaian economy.

SOURCE: GRAPHICONLINE

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