MoMAG suspends GHS1000 Mobile Money withdrawal cap
The Mobile Money Advocacy Group (MoMAG) has taken a decisive action, announcing the immediate lifting of the GHS1000 cap on withdrawals. This strategic move follows deliberations with pertinent authorities and seeks to address the simmering discontent among Mobile Money (MoMo) agents regarding their commission structures.
Earlier in December, MoMo agents had instituted a cap, limiting individual cash withdrawals to GHS1,000, spotlighting their grievances over what they perceive as inadequate remuneration for their pivotal role in the mobile money ecosystem.
In a communique issued on Thursday, December 21, 2023, MoMAG underscored its decision to suspend the withdrawal cap, awaiting definitive resolutions pledged by the Ghana Chamber of Telecommunications and affiliated Telcos. The group articulated a sentiment of respect towards these institutions, cautioning against any perceived insubordination to their collaborative efforts.
“Persisting with the imposed limitations would be tantamount to disregarding the constructive dialogues we’ve engaged in with the esteemed institutions – namely, the four mobile money associations,” read parts of the statement.
This appeal for restraint underscores MoMAG’s commitment to fostering collaborative solutions while awaiting the forthcoming deliberations anticipated in 2024.
While reverting to customary transaction protocols, MoMAG’s announcement also distanced the group from any associations or proclamations linked to the prior GHS1000 withdrawal directive disseminated on 25 November 2023.
In essence, MoMAG’s recent decision epitomizes a calibrated approach, balancing advocacy for agents’ rights with a collaborative spirit aimed at engendering a sustainable mobile money ecosystem in Ghana.
