The Mobile Money Advocacy Group has declared that the GH~1000 withdrawal cap will be immediately suspended.

This comes after meetings about their meager and stagnant commissions with the relevant authorities, according to MoMAG.

Mobile Money (MoMo) agents throughout Ghana declared that, starting on December 1, 2023, they will impose a temporary measure restricting cash withdrawals to a maximum of GH¢1,000 per transaction in an effort to obtain just compensation for their services.

According to the association, the temporary measure was put in place to emphasize their long-standing concerns about not being paid enough for their services.

However, MoMAG stated in a statement released on Thursday that the suspension would be in place right away as “we wait for the final resolution as promised by the Ghana Chamber of Telecommunications and other Telcos.”

“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 GH~1000 withdrawals,” they said, urging members to return to the original mode of transaction while they wait for the outcome of the discussions in the upcoming year, 2024.