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The GHc1000 withdrawal cap has been officially suspended effective immediately, according to the Mobile Money Advocacy Group (MoMAG). In order to address concerns regarding the meager and stagnant commissions of Mobile Money (MoMo) agents, meetings with relevant authorities were held prior to this decision.
A temporary measure restricting cash withdrawals to a maximum of GHS1,000 per transaction starting on December 1, 2023, was earlier announced by MoMo agents nationwide.
The purpose of this action was to draw attention to the agents’ ongoing complaints about not getting paid enough for their services.
The withdrawal cap will be immediately suspended, MoMAG confirmed in a statement released on Thursday, December 11, 2023. “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 asked its members to wait for the results of the talks in the upcoming year, 2024, before returning to the original method of transactions.
The group did, however, make it clear that it disassociates itself from any statements or affiliations pertaining to the earlier decision to withdraw GHS1000, which was made on Saturday, November 25, 2023.
Source: Ghanatodayonline.com
