Mobile Money Advocacy Group Suspends Ghȼ1000 Withdrawals Directive

The Mobile Money Advocacy Group (MoMAG) says it is suspending with immediate effect its directive on GHȻ1000 withdrawals.

In a statement issued on Thursday, 22nd December, 2023 signed by MoMAG’s National Secretary Kingsley J. Amoako-Atta and National Director of Operations Quarcoo Gorman Stephen, it disclosed that the decision stems from several meetings with the relevant authorities.

However, they stated that this decision is only for a period as they await the final resolution as promised by the Ghana Chamber of Telecommunications and other Telcos.

Earlier this year, MoMAG had directed its members (Mobile Money agents) across Ghana to put a threshold limiting cash withdrawals to a maximum of GH¢1,000 per transaction from December 1, 2023.

They had expressed dissatisfaction about their inadequate and scanty commissions on transfers and were in talks with the Ghana Chamber of Telecommunications and other Telcos who have assured them of a final resolution.

“We believe that failure to heed to this call of truncating 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.”

The association urged its members to revert to the initial mode of transaction, while they wait for the outcome of the discussions in the coming year.

However, MoMAG noted that it dissociates itself from any publication, announcement, information and any association(s) which seems to affix itself to the previous (November 25, 2023) decision of GHȻ1000.