A Concerned Citizen Petitions Government Over ‘Excessive’ Mobile Money and Banking Charges in Ghana

PETITION TO ADDRESS EXCESSIVE CHARGES IN THE TELECOMMUNICATIONS AND BANKING/FINTECH SECTOR

To:
The Hon. Minister
Ministry of Communications, Digitalisation and Innovation
Accra, Ghana

The Hon. Minister
Ministry of Finance
Accra, Ghana

Date: 26th May 2026

Subject: Urgent Intervention to Regulate Unfair and Burdensome Charges on Mobile Money, Digital Transfers, and Electronic Banking Services



1. Introduction
We, the undersigned citizens, professionals, and stakeholders in Ghana’s digital economy, write to respectfully petition your ministries to intervene in the escalating and often opaque charges imposed by telecommunications companies and banks/fintechs on mobile money and electronic transactions.

The recent directive by the Bank of Ghana to suspend the proposed 0.75% fee on direct wallet-to-bank transfers by Mobile Money Fintech Limited (MMFL) confirms that these charges require regulatory oversight and public consultation. However, this is one of many charges burdening ordinary Ghanaians, SMEs, and professionals who rely daily on digital financial services.

2. Grounds of Our Petition

a. Lack of Government Investment, but Heavy Regulatory Burden
As noted in public discourse, government did not invest in the mobile money evolution process, yet it seeks to regulate it heavily. While regulation is necessary, it must not become a means for double taxation on consumers and for telecoms to “milk us dry”.

b. Market Dominance and Unchecked Pricing Power
MTN and other telecoms control dominant platforms that are widely used across Ghana. Without effective price regulation, dominant players can impose fees that do not reflect fair market competition. In other regulated industries like insurance, the NIC determines chargeable rates. The same principle should apply to critical financial infrastructure.

c. Unfair Burden on Consumers
The proposed 0.75% fee on wallet-to-bank transfers, and other similar charges, place the cost burden entirely on consumers. Meanwhile, fintechs and banks derive substantial revenue from using telecom platforms. It is inequitable that consumers bear the full cost while institutions profit.

d. Threat to Financial Inclusion and Digital Economy Growth
Ghana has made strides in mobile money and digital payments, which are key to financial inclusion. Excessive charges risk reversing this progress, pushing users back to cash and undermining government’s digitalization and cash-lite agenda.

3. Our Requests

We respectfully request that your ministries, in collaboration with the National Communications Authority (NCA), Bank of Ghana (BoG), and Office of the Registrar of Companies (ORC), take the following actions:

1. Establish a Transparent Pricing Framework: Develop clear guidelines on allowable fees for mobile money, wallet-to-bank, bank-to-wallet, and interbank transfers, similar to the role of NIC in insurance.

2. Cost-Sharing Mechanism: Mandate that fees for platform usage be shared equitably between banks/fintechs and telecoms, rather than passed wholly to consumers.

3. Stakeholder Consultation: Institutionalize mandatory public and industry consultation before any new fee is introduced by telecoms or fintechs.

4. Enable Competition and Innovation: Create policies that lower barriers for new fintechs and banks to interconnect, reducing dependence on a single dominant platform

5. Protect Consumer Interest: Ensure that any charge reflects actual service cost and not exploitative pricing, in line with your mandate to create an enabling environment for the private sector.

4. Conclusion
Government’s role is to set policy, regulate fairly, and drive investment initiatives, not to leave citizens exposed to unchecked commercial exploitation. We believe that with your intervention, Ghana can maintain a vibrant, affordable, and inclusive digital financial ecosystem.

We trust that you will treat this matter with the urgency it deserves and engage stakeholders to bring sanity to the space.

Respectfully submitted,

Isaac Adjin Bonney, CA CPFA CFIP ACFE
Coordinator of District Societies of ICAG / Chairman of Adentan District Society of ICAG 0244854902
adjinbonney@gmail.com

Cc:
1. National Communications Authority (NCA)
2. Bank of Ghana (BoG)
3. Office of the Registrar of Companies (ORC