In a recent communication addressed to MoMAG members, the Executive Board of the Mobile Money Agents of Ghana (MoMAG) has announced the suspension of the controversial “GH¢1000 withdrawal cap” in light of discussions with relevant authorities.
The decision comes as the association sought resolution on issues related to their commissions.
The message, signed by National Secretary Kingsley J. Amoako-Atta and National Director of Operations Quarcoo Gorman Stephen, and available to The Ghanaian Standard, outlines the outcome of meetings with pertinent stakeholders regarding the perceived inadequacy of commissions and the subsequent withdrawal action.
“We have had meetings with the relevant authorities, regarding our meagre and static commissions and the subsequent action of withdrawal of GH¢1,000, and have concluded on the following,” the statement begins.
The MoMAG Executive Board emphasized its commitment to respecting institutions, notably citing a fruitful meeting with the Ghana Chamber of Telecommunications and other telecom companies.
The decision to suspend the GH¢1000 withdrawal cap is viewed as a temporary measure, pending a final resolution promised by industry stakeholders.
“We believe that failure to heed to 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 reads.
MoMAG members are urged to revert to the initial mode of transactions while awaiting the outcome of discussions expected to unfold in the coming year, 2004.
The association, however, clarifies its stance on any information or association affiliating itself with the previous decision made on November 25, 2023, regarding GH¢1000 withdrawal limit.