The Mobile Money Advocacy Group (MoMAG) has officially announced the immediate suspension of the GHS1000 cap on withdrawals. This decision comes after meetings with relevant authorities to address concerns about the meagre and static commissions of Mobile Money (MoMo) agents.
Earlier, MoMo agents nationwide declared a temporary measure, limiting cash withdrawals to a maximum of GHS1,000 per transaction from December 1, 2023.
This move was intended to bring attention to the agents’ persistent issues regarding insufficient compensation for their services.
In a statement issued on Thursday,11 December 2023, MoMAG confirmed the immediate suspension of the withdrawal cap, stating, “we wait for the final resolution as promised by the Ghana Chamber of Telecommunications and other Telcos.”
The group emphasised that not heeding this call to suspend the action would be considered disrespectful to the institutions they met with.
“We believe that failure to heed 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 statement read.
MoMAG urged its members to revert to the initial mode of transactions while waiting for the outcome of discussions in the coming year, 2024.
However, the group made it clear that it dissociates itself from any announcements or associations related to the previous decision of GHS1000 withdrawals made on Saturday, 25 November 2023.
Source: classfmonline.com