News: MTN Ghana makes U-turn; withdraws from 1% cash-out fee.

MTN Ghana has announced that it is withdrawing from the 1% initial cash-out fee on transactions slated to begin on the 1st of July 2023.

The telecommunication company issued a text message to its customers stating that the planned review of the cashout fee for Momo has been withdrawn. The message, however, stated that the cashout fee capped at GHS 10 still remains.

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“Y’ello Valued Customer, the planned review of the cashout fee for MoMo has been withdrawn. The current cash-out fee of 1%, capped at GHS10 still remains and will be charged to your wallet. Do not pay any other fees. We apologise for any inconvenience this may have caused. Just Momo it.

What this means now is that transactions below GHS 2000 will not attract the 1% cash-out fee as was previously announced. However, above GHC 2000, You will be deducted a cashout fee which will start at 10 cedis for GHS 2000.

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MTN Ghana

MTN Ghana on Saturday, the 24th of June sent out messages to its customers announcing that all transactions below GHS 2000 will attract a charge of 1% as such no additional fees were to be paid to the vendors. MTN increases Mobile Money cashout fees effective July 1st

For transactions above GHC 2000, it will attract a flat rate of GHS 20 cedis. The announcement by MTN didn’t sit well with customers as countless tweeps expressed their displeasure.