MoMo withdrawals to be limited to GH¢1k per transaction from Dec. 1 – Agents

Starting on Friday, December 1, Mobile Money (MoMo) agents across Ghana will enforce a temporary measure restricting cash withdrawals to a maximum of GH¢1,000 per transaction.

This decision is outlined in a joint statement issued by four MoMo Associations: the Northern MoMo Agents Association of Ghana (NOMAAG), the Mobile Money Advocacy Group (MOMAG), the Mobile Money Agents Association Ghana (MMAAG), and the ABAG.

The associations clarified that this temporary measure is implemented to secure fair compensation for the services provided by MoMo agents.

They emphasised that this step is not intended to inconvenience customers but rather to bring attention to their ongoing concerns about insufficient compensation for their services.

The associations aim to use this temporary restriction as a means to underscore the necessity for a sustainable business model that ensures fair compensation for Mobile Money agents.

“During this period, we will continue to actively engage with service providers to address the commission review concerns raised,” the Associations stated. “If, within the one-month period, there is no favourable adjustment, we will regrettably have to implement further action plans.”

The Associations have issued a call to all stakeholders, including customers, urging their support in the pursuit of fair compensation for MoMo agents.

They underscored that the sustainability of Mobile Money (MoMo) services in Ghana relies on establishing a system that is fair and equitable for all parties involved.

“We urge you to join us in mobilizing support for fair compensation to Mobile Money Agents,” they added.