MoMAG, the Mobile Money Advocacy Group, has declared that the GH~1000 withdrawal cap would 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 said 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 remuneration for their services.
The Association clarified that their long-standing worries about receiving little payment for their services were the reason behind the interim solution.
However, MoMAG stated in a statement released on Thursday that the ban will start right away 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 asked members to go back to the original method of transaction while it waits for the negotiations’ conclusion in 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.
