MTN Announces Increased MoMo Withdrawal Charges

In a recent announcement, MTN revealed that starting from July 1, 2023, there will be changes to their mobile money cash-out transaction fees.

This move has sparked concerns among customers as they brace themselves for increased transaction costs.

In this post, we’ll explore the details of the increment and how it affects you.

New Cash Out Transaction Fees

Effective July 1, 2023, MTN has implemented a revised fee structure for cash-out transactions.

Previously, customers were charged a 1% fee for cashouts up to GHS1,000, and GHS10 for amounts exceeding GHS1,000. However, under the new policy, the 1% fee will apply to cashouts up to GHS2,000, and a maximum fee of GHS20 will be charged for any amount exceeding GHS2,000.

Implications for Customers

These changes mean that customers will now face higher charges for cashing out larger amounts. Any cash-out transaction between GHS1,000 and GHS2,000 will also attract fees higher than the previous GHS10.

Update (26 June): The new fee increase in MoMo transactions has been suspended till further notice by MTN.