MTN, Africa’s largest telecoms firm, has announced major modifications to its mobile money withdrawal transaction prices.
Customers will see an increase in costs for cash-out transactions that surpass a certain threshold beginning July 1, 2023.
MTN took an effort to notify its clients about the planned changes via SMS circular.
According to the circular, cash-out transactions of less than GH2,000 would henceforth be subject to a 1% transaction charge.
However, for cash-out transactions of GHS2,000 or more, a flat charge of GHS20 will be collected immediately from the customer’s wallet.
It should be noted that the circular specifically stated that users should not pay any additional fees to Mobile Money representatives. Instead, they are recommended to do all transactions using the “Momo” platform.
MTN levies a maximum cost of 1% for cash-out transactions up to GH1,000 under the existing price structure. Furthermore, all cash-out transactions above GH1,000 are subject to a GH10 charge.
However, with the implementation of the new charge scheme, the 1% cost will be assessed only on sums less than GH2,000, and the maximum price has been raised to GH20.
