We are resolving unauthorized deductions on mobile money transfers-BoG
The Bank of Ghana(BoG) has indicated that plans and discussions are underway with relevant authorities to address concerns regarding illegal mobile money transfers.
This follows concerns about duplicative fees imposed by banks and mobile money agents during fund transfers from personal bank accounts to personal mobile wallets.
The Governor of the Bank of Ghana, Dr. Ernest Addison, clarified at a press briefing on May 10 that transfers made between oneself, whether across different wallets or into various bank accounts, should not incur any charges.
However, charges may apply only when the transfer involves a third party.
He says regulatory efforts are underway to ensure fair and transparent practices in the financial ecosystem.
“To my understanding, if you are doing this for yourself, there are really no charges. I think that it is where there are third-party individuals involved that these charges come into play, and it is something that we have raised in the past. It is an area that we are looking at because of the issue of financial inclusion. It is very important for all of us,” he said.
There have been numerous reports of unauthorized charges reported by mobile money users.
Already, the Ghana Revenue Authority (GRA) has attributed double charges in mobile money and banking transactions to financial institutions.
Meanwhile, the Chief Executive Officer of the Chamber of Telecommunications, Dr. Kenneth Ashigbey, has noted that there are no charges associated with depositing money into one’s Mobile Money (MoMo) account.
Dr. Ashigbey urged individuals subjected to such fees to promptly report the agent to their respective mobile networks or law enforcement.
In February this year, the National Identification Authority (NIA) rejected claims by banks that the Ghana Card is responsible for identification challenges leading to illegal charges on money transfers between personal bank accounts to mobile money wallets.
This came after complaints from individuals about fees charged for transferring money between bank accounts and mobile money wallets with the same details.
John Awuah, head of the Ghana Association of Bankers, linked the fees to inconsistencies in Ghana Card details between MoMo and bank accounts.
He explained that discrepancies trigger the system to treat individuals differently and apply charges.
However, NIA’s Executive Secretary, Prof. Kenneth Attafuah, firmly dismissed these claims.