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Charging fees for depositing money to your MoMo account illegal – Telecommunications Chamber



Charging fees for depositing money to your MoMo account illegal – Telecommunications Chamber

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

His response follows reported cases of some MoMo agents allegedly imposing deposit fees.

During an interview on the Citi Breakfast Show, Dr. Ashigbey urged individuals subjected to such fees to promptly report the agent 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 told host Bernard Avle.

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

He acknowledged that during the Christmas holidays, there were instances of improper synchronization between the bank and mobile money sides, resulting in erroneous fees. Dr. Ashigbey advised individuals facing such issues to report them to their banks or MoMo service providers.

Despite these 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.

Source: CNR

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