General Secretary of the Mobile Money Agents Association of Ghana, Evans Otumfuo, has justified the association’s choice to impose a maximum cash withdrawal limit of ¢1,000 per transaction per day, effective from December 1, 2023.
Mr Otumfuo clarified that this decision is a strategic move to highlight their grievances regarding insufficient compensation for the services they provide.
“It appears that we are not getting to the end of the tunnel. So, a week ago, we informed the stakeholders that, by the 30th of November, if the issues persist, on December 1, we are directing all our members that any withdrawal request that will come to them, the maximum that we expect them to give to customers is ¢1000 cashout.”
Evans Otumfuo highlighted that despite their persistent efforts, attempts to seek assistance from relevant stakeholders have been unsuccessful.
He specifically mentioned engaging with telecommunication companies and regulatory authorities in discussions aimed at enhancing compensation for the services rendered by the association, but these efforts have not yielded positive outcomes.
“We have tried every opportunity to seek progress with our concerns, but to no avail. Last year we engaged all the telcos, including the regulator and other relevant agencies in the industry, just to draw their attention to the issues that plague the business”.
The Mobile Money Agents Association of Ghana has issued a notice indicating that its members will enforce a daily withdrawal limit of ¢1,000 per transaction starting from December 1. This decision comes as a response to the association’s call for an improvement in the commission structure for the services they provide.
The association cautioned that this withdrawal limit is a temporary measure and serves as a precursor to more stringent actions if their concerns are not promptly addressed. They expressed the hope that this temporary measure would draw the attention of stakeholders to urgently address the challenges faced by mobile money agents.