The Mobile Money Advocacy Group (MoMAG) has officially lifted the GHȻ1000 cap on withdrawals, effective immediately. This decision comes following discussions with relevant authorities regarding concerns over meager and static commissions for Mobile Money (MoMo) agents.

Initially, MoMo agents in Ghana had announced a temporary measure limiting cash withdrawals to a maximum of GH¢1,000 per transaction from December 1, 2023. The move aimed to highlight their ongoing concerns about inadequate compensation for their services.

In a statement issued on Thursday, MoMAG confirmed the immediate suspension of the withdrawal cap while waiting for the final resolution promised by the Ghana Chamber of Telecommunications and other telecom companies.

The statement emphasized the importance of respecting institutions that engaged in fruitful discussions with the four mobile money associations. MoMAG urged its members to revert to the initial mode of transactions while awaiting the outcome of further discussions in 2024.

MoMAG explicitly disassociated itself from any publication, announcement, or information linked to the previous decision on GHȻ1000 withdrawals made on November 25, 2023.

“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.

This development underscores MoMAG's commitment to working towards a fair and sustainable compensation structure for Mobile Money agents in Ghana.