The Bank of Ghana (BoG) has launched an investigation into the reintroduction of transfer fees by some commercial banks, following the recent removal of the Electronic Transfer Levy (E-Levy).
Customers have expressed concern over new or increased charges on transactions between personal bank accounts and mobile money wallets.
These fees appeared shortly after the E-Levy was scrapped, raising questions about transparency and consumer protection.
According to the BoG, the banking sector experienced a GH¢5 billion drop in total deposits between March and April 2025.
While the Central Bank has yet to confirm a direct link between the decline and the reintroduced fees, Governor Dr. Johnson Asiama says affected banks will be engaged to ensure clarity and fairness.
“This is something that has come to our attention, that some banks are imposing these charges. We are actively investigating. I’m aware of at least one bank involved. The matter is being taken seriously,” Dr. Asiama stated.
Meanwhile, mobile money platforms have seen a surge in activity since the removal of the E-Levy.
The total value of mobile money transactions rose to GH¢365.0 billion in April 2025, up 3.8% from GH¢351.7 billion in March.
This marks the highest monthly value recorded so far this year.
The number of transactions also increased from GH¢764 million in March to GH¢778 million in April, highlighting the growing preference for mobile-based financial services for both personal and business use.
The BoG attributes this continued momentum to broader mobile penetration, expanded agent networks, and the ease of digital transactions.
These factors are helping to drive financial inclusion and accelerate the country’s transition toward a cash-lite economy.