The Mobile Money Advocacy Group (MoMAG) has officially lifted the GHȻ1000 cap on withdrawals, with immediate effect. This decision comes in the wake of discussions with relevant authorities concerning the unsatisfactory and unchanging commissions for Mobile Money (MoMo) agents.
Earlier, MoMo agents across Ghana had planned to enforce a temporary restriction, limiting cash withdrawals to a maximum of GH¢1,000 per transaction starting December 1, 2023, as a measure to highlight their concerns about inadequate compensation.
In a statement released on Thursday, MoMAG clarified that the suspension of the withdrawal cap would be immediate, awaiting the final resolution promised by the Ghana Chamber of Telecommunications and other telecom companies.
The statement emphasized that not heeding this suspension could be perceived as disrespecting the institutions that engaged in fruitful discussions with the four mobile money associations.
MoMAG suggested it would be prudent to pause the action for the time being.
Members were encouraged to revert to the standard mode of transactions while awaiting the outcome of the discussions in the upcoming year, 2024.
Additionally, MoMAG distanced itself from any information or association that aligns with the previous decision of GHȻ1000 withdrawals made on November 25, 2023.
