Chief Executive Officer of the Chamber of Telecommunications, Dr Kenneth Ashigbey, has strongly asserted that there are no charges associated with depositing money into one's Mobile Money (MoMo) account.

His statement comes in response to reported cases of some MoMo agents imposing deposit fees on users.In an interview on the Citi Breakfast Show, Dr Ashigbey encouraged individuals who have experienced such fees to report the agent promptly to their respective mobile networks or law enforcement.

“Report the agent to the network and the police. There is no charge for depositing money in your account. There is no charge at all,” he said.

Addressing concerns about charges for money transfers between Mobile Money (MoMo) wallets and bank accounts, Dr Kenneth Ashigbey clarified that if both the bank account and the MoMo account are linked to the same Ghana card used during registration, the system recognizes it as a self-transfer, and no charges should apply.

Acknowledging instances of improper synchronization between the bank and MoMo sides during the Christmas holidays, leading to erroneous fees, Dr Ashigbey advised affected individuals to report such issues to their banks or MoMo service providers.

Despite technical glitches, he emphasized that the law explicitly states that transfers between oneself, whether across different wallets or into different bank accounts, should not incur any charges.

“It was something that over the Christmas holidays we were dealing with that to make sure that the dealings were aligned. So if you have a situation like that you should report to your bank or your MoMo company,” he added.

“The law is very specific, transfers between yourself on different wallets or into different bank accounts are not supposed to attract any charge at all,” he stated.