The Mobile Money Advocacy Group (MoMAG) has suspended its decision to place GHȻ1000 cap on withdrawals.
MOMAG noted that they suspended the move following meetings with the relevant authorities, regarding their meagre and static commissions.
In a statement, MOMAG indicated that the suspension would take effect immediately while “we wait for the final resolution as promised by the Ghana Chamber of Telecommunications and other Telcos.”
“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.”
“MoMAG, however, dissociates itself from any publication/announcement/information and any association(s) which seems to affix itself to the previous (November 25, 2023) decision of GHȻ1000 withdrawals,” it added.
The Association has announced that they will implement a temporary measure limiting cash withdrawals to a maximum of GH¢1,000 per transaction.
The move they stated was intended to draw attention to their long-standing concerns regarding inadequate compensation for their services.