Financial Analyst Richmond Akpah has criticised the introduction of a proposed 0.75 percent fee on wallet-to-bank transfers, arguing that stronger regulatory oversight and proper stakeholder consultation could have prevented the controversy surrounding the charge.
Speaking on ABC In The Morning on Tuesday, May 26, 2026, Akpah said the situation reflected a gap in regulatory vigilance and consumer engagement.
“If Regulators Were Paying Attention, Before this would have come out, they would have ensured that MTN has done some level of consultation with the consumers, but it seems that has not been done,” he stated.
His comments come amid public debate over the planned fee, which was scheduled to take effect on June 1, 2026, and was communicated to customers by MTN Ghana via SMS before sparking widespread criticism on social media.
Akpah further warned that additional costs on digital financial services could undermine Ghana’s push toward a cash-lite and digitally driven economy.
“If we want to promote digitisation, we shouldn’t make digital transfers costly,” he added.
The remarks follow the Bank of Ghana’s directive to Mobile Money Fintech Limited (MMFL) to suspend the implementation of the proposed charge pending further consultations with stakeholders.
The proposed fee had triggered public backlash, with many users expressing concern over rising costs associated with mobile money transactions, which remain a key pillar of financial inclusion and daily commerce in Ghana.
The BoG’s intervention is expected to pave the way for further engagements between regulators, telecom operators, and industry stakeholders as discussions continue on balancing innovation, affordability, and sustainability in the country’s digital financial ecosystem.
