MoMo agents to cap cash withdrawals at GH¢1,000 per transaction
In a bid to secure fair compensation for their services, Mobile Money (MoMo) agents across Ghana will implement a temporary measure limiting cash withdrawals to a maximum of GH¢1,000 per transaction, effective December 1, 2023.
The decision was announced in a joint statement issued 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 explained that this temporary measure is intended to draw attention to their longstanding concerns regarding inadequate compensation for their services.
They emphasized that the move is not meant to inconvenience customers but rather to highlight the need for a sustainable business model for MoMo agents.
“During this period, we will continue to actively engage with service providers to address the commission review concerns raised,” the Associations stated. “If, within the one-month period, there is no favourable adjustment, we will regrettably have to implement further action plans.”
The Associations called on all stakeholders, including customers, to support their efforts towards achieving fair compensation for MoMo agents. They emphasized that the sustainability of MoMo services in Ghana hinges on ensuring a fair and equitable system for all parties involved.
“We urge you to join us in mobilizing support for fair compensation to Mobile Money Agents,” the Associations appealed.
The decision to cap cash withdrawals is likely to have an impact on MoMo users, particularly those who rely on these services for large transactions.
However, the Associations expressed hope that customers will understand the rationale behind this temporary measure and support their efforts to secure fair compensation.
The MoMo sector has grown significantly in recent years, becoming a crucial component of Ghana’s financial landscape.
MoMo agents play a pivotal role in facilitating these transactions, making their concerns regarding compensation a pressing issue.
Read full statement here
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