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MTN Withdrawn Plans For New MoMo Transactions Charges-CHECK OUT

MTN Withdrawn Plans For New MoMo Transactions Charges

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MTN Withdrawn Plans For New MoMo Transactions Charges-CHECK OUT

MTN has withdrawn it plans of increasing the costs associated with withdrawing money from Mobile Money. In a recent broadcast, the international telecommunications giant known as MTN revealed that effective on July 1st, the fees associated with withdrawing mobile money will increase for every MOMO transaction you make.

The following message was sent to customers of MTN MobileMoney Limited via an SMS circular from the company: “Y’ello Valued Customer, kindly note that effective July 1, 2023, Cash out transactions below Ghc2,000 will attract a fee of 1%. Cash-out transactions from Ghc2,000 and above will attract a flat fee of Ghc 20. This will be charged to your wallet. Do not pay any other fee to any MoMo agent. Just Momo it”.

The implementation was due to begin on July 1st but on 27th June, the telecommunications giant sent good to all its valued MTN mobile money customers. MTN Withdrawn Plans For New MoMo Transactions Charges-CHECK OUT

Y’ello Valued Customer, the planned review of the cash out fee for MoMo has been withdrawn. The current cash out fee of 1%, capped at GHS10 still remains and will be charged to your wallet. Do not pay any other fees. We apologise for any inconvenience this may have caused. Just Momo it.

Currently, the maximum fee that may be charged for cashing out is GHS10, and the maximum cost that can be charged for cashing out quantities that are greater than GHS1,000 still remains at 1% of any sum that is up to GHS1,000. MTN Withdrawn Plans For New MoMo Transactions Charges-CHECK OUT

On the other hand, in compliance with the updated circular, the maximum fee has been raised from GHS10 to GHS20, and the maximum amount that is now subject to the 1% tax has been increased to GHS2,000. MTN Withdrawn Plans For New MoMo Transactions Charges-CHECK OUT

In addition, this suggests that commencing on July 1, 2023, each cash-out transaction involving a sum ranging from GHS1,000 to GHS2,000 will be subject to a fee that is greater than GHS10. MTN Withdrawn Plans For New MoMo Transactions Charges-CHECK OUT

This is a direct consequence of the difficult economic conditions that have been experienced in recent times, when individuals have been moaning about skyrocketing inflation, increased prices of items and services, job losses, and low wages. MTN Withdrawn Plans For New MoMo Transactions Charges-CHECK OUT

A vexatious electronic transfer levy (e-levy) of 1% is applied on the bulk of digital financial transfers made by Ghanaians. This has been a hardship for the people of Ghana to bear. MTN Withdrawn Plans For New MoMo Transactions Charges-CHECK OUT

MTN has not yet offered a reason for the rise in cash-out transaction costs that have been applied at this time, and they have not done so as of yet either. MTN Withdrawn Plans For New MoMo Transactions Charges-CHECK OUT

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