Ghana’s central bank suspends proposed MTN mobile money transfer fee

The Bank of Ghana (BoG) has suspended a proposed fee on mobile money-to-bank transfers from MTN Ghana’s fintech unit, halting the charge before it could take effect on June 1.

In a statement on Tuesday, BoG said it has directed Mobile Money Fintech Limited (MMFL), MTN Ghana’s newly carved-out mobile money subsidiary, to suspend the proposed 0.75% fee on wallet-to-bank transfers pending further consultations with industry stakeholders.

The decision blocks MMFL from introducing the new charge on one of Ghana’s most widely used digital payment channels, where mobile wallets have become deeply embedded in everyday commerce.

The intervention comes nearly two months after MTN Group completed the separation of its Ghanaian mobile money business into MMFL, a restructuring designed to position fintech as a standalone growth engine for the telecoms group. It also underscores the sensitivity around monetising digital payments in Ghana, where regulators continue to balance financial innovation with consumer protection concerns.

On March 31, MTN Group completed the separation of its Ghanaian mobile money operations into MMFL  in a restructuring designed to unlock higher valuations across its fintech businesses, expand payments and lending services, and position the unit for potential strategic investment. 

Ghana, where it earned $549.15 million in revenue in 2025, remains one of MTN’s most mature mobile money markets and a key contributor to group fintech revenues. Mobile money is also critical to how Ghana’s economy operates. In 2025, the country recorded GH¢518.4 billion ($44.5 million) in mobile money transactions, increasing by 58.3% from the previous year.

Transaction volumes also increased to 982 million from 745 million over the same period, rising by 38.1%.

Wallet-to-bank transfers accounted for about 7% of total transaction value in 2025; agent-to-agent transactions remained the dominant channel in Ghana’s mobile money market, according to BoG data.

The sector has also expanded in scale and penetration. Ghana had 26.7 million active mobile money wallets in 2025, up by 13.6% from the previous year, while mobile money agents rose to 491,000 activated wallets over the same period.

The suspension comes amid heightened regulatory scrutiny of digital financial services in Ghana, as the central bank tightens oversight of fintech operators while balancing financial inclusion objectives with consumer protection concerns.

The Electronic Transfer Levy (E-levy), introduced in 2022 at 1.5%, imposed a tax on electronic transactions including mobile money transfers and triggered widespread public backlash. It was later reduced to 1% in 2023, with changes to its structure, including the removal of the GH¢100 ($0.85) daily exemption.

MMFL’s halted pricing move highlights an early regulatory test for MTN’s newly separated fintech structure, as pricing decisions in one of Africa’s most active mobile money markets come under closer scrutiny from both regulators and users.

MTN competes in Ghana’s mobile money market alongside Vodafone Cash and AirtelTigo Money, in a sector that underpins daily life in the country. BoG said consultations with industry stakeholders will continue before a final decision is taken on the proposed fee structure.