On Thursday, 1st February 2024, Dr. Kenneth Ashigbey, the Chief Executive Officer of the Chamber of Telecommunications, explicitly stated that there are no charges for depositing money into one’s personal Mobile Money (MoMo) account. This statement was made during an interview on the City Breakfast show with Bernard Avle.
His response was prompted by some reported cases of certain MoMo agents purportedly charging deposit fees to individuals seeking to deposit money into their MoMo accounts.
During the Citi Breakfast Show interview, Dr. Ashigbey encouraged individuals facing such fees to promptly report the agents to their respective mobile networks or law enforcement for swift resolution. He continued by stating that individual MoMo account holders are urged to report agents found charging fees on deposits to the Telecommunication Authorities or the police. There are no charges whatsoever for depositing money into your account, he assured the program host, Bernard Avle.
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, with no applicable charges, thus providing a solution to issues concerning charges for money transfers between MoMo wallets and bank accounts.
He accepted the fact that during the Christmas holidays, there were instances where merging the bank and the mobile money resulted in erroneous fees. Dr. Ashigbey advised individuals facing such issues to report them to their banks or MoMo service providers. He emphasized that MoMo agents should not exploit these challenges as an opportunity to charge fees to individuals making deposits into their accounts.
He informed City Host Bernard Avle that the Telecommunication Chamber dealt with such challenges during the Christmas holidays to ensure the merging of banks and mobile services. Nevertheless, anyone facing such a situation should report it to their bank or MoMo service provider.
Dr. Ashigbey seized the opportunity to appeal and encouraged the general public, especially MoMo account holders, to understand that depositing money into your own account does not incur any fees. Therefore, any agent attempting to charge a fee for depositing into your own account should be reported to the relevant authority for necessary action. He emphasized that MoMo has alleviated the need to visit a bank for savings, providing convenient access to money, especially in emergency situations.
He concluded that according to the law, transfers between oneself on different wallets or into different bank accounts should not attract any charges whatsoever.
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