MoMo agents to limit cash withdrawals to GH¢1,000 per transaction from December 1

Mobile Money (MoMo) agents nationwide will implement a temporary regulation limiting cash withdrawals to a maximum of GH¢1,000 per transaction, beginning from December 1, 2023.

The joint decision stems from a collaborative statement by four MoMo Associations; the Northern MoMo Agents Association of Ghana (NOMAAG), the Mobile Money Advocacy Group (MOMAG), the Mobile Money Agents Association Ghana (MMAAG), and the ABAG.

The associations clearly stated that this temporary measure aims to ensure fair compensation for the services offered by MoMo agents.

The statement clarified that the measure was not designed to inconvenience customers; rather, it was intended to highlight their ongoing concerns about inadequate compensation for the services they provide.

The associations intend to enforce this temporary restriction to emphasize the need for a sustainable business model that guarantees fair compensation for Mobile Money agents.

“During this period, we will continue to actively engage with service providers to address the commission review concerns raised.” the statement revealed

The Associations said, “If, within the one-month period, there is no favourable adjustment, we will regrettably have to implement further action plans.”

They have called on all stakeholders, including customers, to support the quest for fair compensation for MoMo agents.

They highlighted that the continuity of Mobile Money (MoMo) services in Ghana depends on establishing an equitable system for all involved parties.

“We urge you to join us in mobilizing support for fair compensation to Mobile Money Agents,” they added.