The Mobile Money Advocacy Group (MoMAG) has announced the suspension of the GH₵1000 withdrawal cap with immediate effect.
According to MoMAG, this follows meetings with the relevant authorities regarding their meagre and static commissions.
To ensure fair compensation for their services, Mobile Money (MoMo) agents throughout Ghana have announced that they will temporarily limit cash withdrawals to a maximum of GH¢1,000 per transaction, effective December 1, 2023.
The association explained that the temporary measure was intended to draw attention to their long-standing concerns regarding inadequate compensation for their services.
But in a statement issued on Thursday, December 21, 2023, MoMAG said the suspension would take effect immediately while they wait for the final resolution as promised them by the Ghana Chamber of Telecommunications and other telcos.
“We believe that failure to heed this call to truncate this action will amount to disrespect to these institutions who had a fruitful meeting with us—the four mobile money associations. We think it will be prudent to hold on with the action for now.”
It urged members to revert to the initial mode of transaction while it waits for the outcome of the discussions in the coming year, 2024.
“MoMAG, however, dissociates itself from any publication, announcement, or information and any association(s) that seems to affix itself to the previous (November 25, 2023) decision of GHƻ1000 withdrawals,” it added.