Ghana halts MTN’s MoMo fee before it even begins

On Techpoint Digest, we discuss Ghana's decision to halt MTN's MoMo fee before it even begins, CashAfrica wanting Nigerians to tap rather than transfer, and Kenya EV prices rising by 16%.

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Victoria from Techpoint here,

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Ghana halts MTN’s MoMo fee before it even begins

CashAfrica wants Nigerians to tap, not transfer

Kenyan EV prices could jump 16%

Ghana halts MTN’s MoMo fee before it even begins

MTN MoMo

MTN Ghana tried to introduce a new mobile money fee on Monday, and by Tuesday, the Bank of Ghana had already stepped in to stop it, at least temporarily. MTN had sent customers a text saying that from June 1, anyone transferring money from a MoMo wallet to a bank account would pay a 0.75% fee, capped at GHS 5. The company said the charge would help it “continue to serve customers better,” but the announcement immediately sparked backlash online and in political circles.

Less than 24 hours later, the Bank of Ghana ordered MTN’s mobile money subsidiary, Mobile Money Fintech Limited, to suspend the planned fee while regulators hold consultations with stakeholders. The central bank made it clear that any new charges in Ghana’s digital finance space must be introduced fairly and with consumer protection in mind. The speed of the response strongly suggested the regulator hadn’t approved the fee beforehand and didn’t want to appear supportive of it.

On paper, the fee didn’t seem huge. A GHS 500 transfer would cost GHS 3.75, while larger transfers would max out at GHS 5. But in a country with over 26 million active mobile money wallets, even small charges can affect millions of daily transactions. For many Ghanaians, moving money from MoMo to a bank account is part of everyday life, from small business payments to salary transfers and savings deposits. Critics argued that frequent users, especially lower-income people making smaller transfers, would feel the impact the most.

The backlash intensified because of Ghana’s recent history with the controversial E-Levy. Introduced in 2022, the tax on electronic transactions triggered massive public anger before eventually being scrapped in 2025 by President Mahama’s government...