MTN, the leading telecommunications company, has recently announced significant changes to its mobile money withdrawal transaction fees, which will come into effect starting from July 1, 2023.
These adjustments will affect customers who make cash-out transactions exceeding a specific threshold.
To ensure that customers are informed about the upcoming modifications, MTN sent out an SMS circular notifying them of the changes. According to the circular, cash-out transactions below GH₵2,000 will now incur a fee equivalent to 1% of the transaction amount.
On the other hand, for cash-out transactions equal to or exceeding GH₵2,000, a flat fee of GHS20 will be deducted directly from the customer’s mobile money wallet.
It is important to note that the circular explicitly states that customers should not pay any additional fees to Mobile Money agents. Instead, they are encouraged to exclusively utilize the “Momo” platform for their transactions.
Under the current fee structure, MTN charges a maximum fee of 1% for cash-out transactions up to GH₵1,000. Additionally, a fee of GH₵10 is applicable for all cash-out transactions exceeding GH₵1,000.
With the introduction of the new fee system, the 1% fee will only be applied to amounts below GH₵2,000, while the maximum fee has been increased to GH₵20.
Source – citinewsroom.com
