Momo Cash-Out Charges Increased Effective July 1

Ghana Association of Mobile Money Agents have announced an increase in cash out services effective, Thursday July 1.

A statement issued Monday June 28 by the association appealed to customers to bear with them and comply.

“To the general public, please take note of these new changes of mobile money service charges taken effect from 1st july 2021. The same day the 10% tax imposition by the government on our cash out service charge begins. We are pleading with you to comply with our members in their various shops”, the association said.

“This is never our wish but we don’t have a choice but the financial commitment are too much and absorbing this leave us with nothing at the end of the day”, they added.

The charge increase follows an emergency meeting on Friday, June 25. The Association had complained about back-door increase in taxes imposed on telecommunication companies by government, thereby forcing them to pass on the charges to their customers.

According to them, government has ordered the telecommunication companies to deduct 10 percent extra from Cash-out service wallet.

“In total, on each network, every agent will be paying 20% tax on monthly basis,” they said in a press statement on Friday.

“Initially, agents pay 5% on Cash-in service wallet but it was secretly increased to 10% without our knowledge.

“We feel this is a gross disregard to procedures.”

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