Here’s why MoMo users are to pay higher charges for cash-out

Here's why MoMo users are to pay higher charges for cash-out

Effectively from July 1st 2021, Mobile Money Service users will pay higher fees for cash-outs, members of the Mobile Money Agents Association of Ghana (MMAAG) announced.

A statement issued on Monday, June 28 by the association appealed to customers to bear with them and comply.

”To the general public, please take note of these new changes of Mobile Money service charges taken effect from 1st July 2021. The same day the 10% tax imposition by the government on our cash out service charge begins. We are pleading with you to comply with our members in their various shops,” the association said.

”This is never our wish but we don’t have a choice but the financial commitment are too much absorbing this leaves us with nothing at the end of the day”, they added.

The charge increase follows an ermegency meeting on Friday, June 25. The Association had complained about back-door increase in taxes imposed on telecommunication companies by government, thereby forcing to pass on the charges to their customers.

According to them, government has ordered telecommunication companies to deduct 10 percent from Cash-out service wallet.

”In total, on each network, every agent will be paying 20% tax on monthly basis,” they said in a press statement on Friday.

”Initially, agents pay 5% on Cash-out-in service wallet but it was secretly increased to 10% without our knowledge.

”We feel this is a gross disregard to procedures.”

They counted the numerous operational costs aside the risk of armed robbery, acid bath, fraud and insecurity, which they say leads to death, deformity, maiming and loss of huge amounts of money.

”The unfortunate aspect of it all is that the deceased, and /or victims are left to their families without any form of supports from government.”

They said since government has not heeded to their concerns, they will pass all the costs onto their customers.

”Management is by this press informing all MoMo Agents to transfer the cost to the customer.

”We are advising our members to transfer the cost to those who seek our services.”

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