Telecommunications giant, MTN Ghana has reversed its decision to raise the cash-out fee for MoMo transactions, which was slated to take effect from July 1, 2023.
MTN’s latest decision to rescind on its earlier directive is in response to significant customer backlash following the company’s SMS circular outlining the revised fee structure.
MTN, who is a market leader in Ghana’s telecom space communicated to customers that it will increase the fee or charge for cash-out transactions over GHS1,000. The telco in a communique opined that however, all transactions up to GHS1,000 will continue to attract a 1% fee.
Notably, the revised fee structure meant that cash-out transactions ranging from GHS1,000 to GHS2,000 would no longer be subject to a maximum fee of GHS10.
But following the strong negative response from customers after the announcement, MTN has now reversed its decision. The company has announced that the cash-out fee will continue to be set at 1%. Consequently, customers will not experience an increase in fees for their MoMo transactions.
In addition to maintaining the existing fee structure, MTN has cautioned customers against paying any additional charges beyond the 1% fee. The telco giant’s message serves as a reminder to customers to be vigilant and ensure that they are not subjected to any unauthorized or inflated fees when conducting MoMo cash-out transactions.
MTN’s decision to reverse the fee increase reflects the company’s responsiveness to customer concerns and underscores its commitment to maintaining a fair and transparent pricing structure.
As the mobile money ecosystem continues to play a vital role in Ghana’s financial landscape, MTN’s assurance that the cash-out fee will remain at 1% provides customers with clarity and reassurance.
The new directive from MTN Ghana means, customers will continue to enjoy the convenience of MoMo transactions without incurring higher charges.