CUTS International Accra has praised the Bank of Ghana for stepping in to halt Mobile Money Fintech Limited’s proposed 0.75 per cent wallet-to-bank transfer fee, describing the central bank’s action as a timely move to protect consumers and maintain confidence in Ghana’s digital financial system.
The proposed charge, which was expected to take effect on June 1, 2026, was suspended after the Bank of Ghana directed MTN Mobile Money’s operator, Mobile Money Fintech Limited (MMFL), to put implementation on hold pending further consultations.
In a statement, CUTS International Accra said the central bank’s swift intervention demonstrated the type of proactive regulatory oversight needed in Ghana’s rapidly expanding digital finance sector.
“We applaud the Bank of Ghana for acting swiftly to protect consumers. This is exactly the kind of proactive regulatory oversight that builds public trust in our financial system,” said Appiah Kusi Adomako, West Africa Regional Director of CUTS International Accra.
According to him, the decision also sends a strong signal that any changes to charges within the mobile money ecosystem must be introduced fairly, transparently and in accordance with regulatory requirements.
CUTS clarified that it is not against MMFL reviewing its service charges, noting that businesses have the right to adjust pricing to ensure sustainability. However, the organisation stressed that any fee adjustment must comply with consumer protection principles and existing regulations.
The think tank’s main concern was the short notice period given to customers before the proposed fee was due to begin.
CUTS noted that MMFL controls nearly 75 per cent of Ghana’s mobile money market, making it a dominant player with significant influence over pricing and consumer behaviour. While dominance itself is not illegal, the organisation argued that abuse of such dominance raises serious competition concerns.
“Giving consumers barely one week’s notice about such a significant new charge is, in our view, a textbook example of the kind of conduct that constitutes an abuse of dominance,” Mr Adomako stated.
He explained that consumers should be given enough time to understand major pricing changes, evaluate how they would be affected and decide whether to continue using the service or switch to alternatives.
“Consumers deserve adequate time to understand a change, assess its implications, and make an informed choice about whether to continue with a provider or switch to an alternative,” he added.
CUTS described the seven-day notice period as inadequate for a fee of that scale, insisting that fair notice is a fundamental principle of consumer protection and ethical business conduct.
The organisation further argued that the short notice effectively denied customers the practical opportunity to consider alternatives such as Telecel Cash or AT Cash.
The debate over the proposed wallet-to-bank transfer fee has largely focused on affordability and the rising cost of digital transactions. However, CUTS said the issue also raises concerns about market dominance, consumer choice and regulatory accountability.
Mobile money remains a key part of Ghana’s financial inclusion drive, allowing millions of people to send money, make payments and access financial services more conveniently.
CUTS noted that seamless transfers between mobile wallets and bank accounts have helped reduce congestion at banking halls, lowered transaction costs and expanded access to financial services for underserved communities.
“Mobile money has come to stay. It is central to our financial inclusion story and the daily lives of millions of Ghanaians,” the statement said.
The organisation urged MMFL to use the consultation period to engage regulators, consumer groups and the wider public in finding a fair and sustainable solution.
Although the Bank of Ghana has suspended the proposed fee, the regulator has not indicated that it has been permanently cancelled. The suspension means the charge will not take effect on June 1 as originally planned while further discussions continue.
For regulators, the issue has become a major test of how pricing power should be handled in a digital financial market dominated by one major player. For MMFL, the challenge now is to justify any future fee adjustment in a way that balances business interests with consumer welfare and public trust.
CUTS maintains that mobile money providers have the right to revise charges, but dominant market players must do so with transparency, proper notice and respect for consumer choice.
