After speaking with the appropriate authorities, the Mobile Money Advocacy Group (MoMAG) decided to immediately suspend the GH¢1000 withdrawal limit in order to address concerns with the commission rates, which they described as insufficient and unchanged.
MoMAG made it clear in a press release on Thursday, December 21 that the purpose of this interim action is to raise awareness of their continuous complaints about the inadequate remuneration for their work. The group made it clear that disregarding this request to suspend the limit would be seen as an insult to the four mobile money associations—the institutions that had constructive discussions with MoMAG. MoMAG stated that, at this point, it would be prudent to stop the action.
MoMAG's statement encourages its members to revert to the original mode of transactions while awaiting the outcomes of ongoing discussions in the forthcoming year, 2024. It also explicitly dissociates itself from any communications or affiliations related to the previous decision on GHȻ1000 withdrawals made on November 25, 2023.
This decision by MoMAG represents a strategic move to place a spotlight on the issue of commission rates, signaling a concerted effort to engage with relevant stakeholders and address the concerns of their members. It also underscores the dynamic nature of negotiations and advocacy efforts within the mobile money sector.
While the temporary suspension of the GH¢1000 withdrawal limit is a significant development, it is evident that MoMAG is committed to pursuing dialogue and fostering a meaningful resolution as evidenced by the ongoing discussions. This initiative illustrates the proactive approach taken by the group to advocate for improved compensation and better conditions for its members.
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