MTN reverses decision to increase MoMo cash-out fee amid customer backlash

MTN has rescinded its earlier announcement to raise the cash-out fee for MoMo transactions, which was slated to take effect from July 1, 2023. The decision comes in response to significant customer backlash following the company’s SMS circular outlining the revised fee structure.

In the initial communication to customers, MTN had disclosed that cash-out transactions up to GHS2,000 would attract a 1% fee, while transactions exceeding GHS2,000 would incur a maximum charge of GHS20. This adjustment represented a substantial departure from the existing fee system, where a 1% fee applied to cash-out amounts up to GHS1,000, with a cap of GHS10 for transactions surpassing that threshold. Notably, the revised fee structure meant that cash-out transactions ranging from GHS1,000 to GHS2,000 would no longer be subject to a maximum fee of GHS10.

However, in light of the strong negative response from customers, MTN has now reversed its decision. The company has announced that the cash-out fee will continue to be set at 1%. Consequently, customers will not experience an increase in fees for their MoMo transactions.

In addition to maintaining the existing fee structure, MTN has cautioned customers against paying any additional charges beyond the 1% fee. The telco giant’s message serves as a reminder to customers to be vigilant and ensure that they are not subjected to any unauthorized or inflated fees when conducting MoMo cash-out transactions.

MTN’s decision to reverse the fee increase reflects the company’s responsiveness to customer concerns and underscores its commitment to maintaining a fair and transparent pricing structure. As the mobile money ecosystem continues to play a vital role in Ghana’s financial landscape, MTN’s assurance that the cash-out fee will remain at 1% provides customers with clarity and reassurance.

With this development, customers can continue to enjoy the convenience of MoMo transactions without incurring higher charges.

 

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MTN has rescinded its earlier announcement to raise the cash-out fee for MoMo transactions, which was slated to take effect from July 1, 2023. The decision comes in response to significant customer backlash following the company’s SMS circular outlining the revised fee structure.