In order to provide equitable pay for their services, Mobile Money (MoMo) agents across Ghana will introduce a temporary measure on December 1, 2023, limiting cash withdrawals to a maximum of GH¢1,000 per transaction.
The Northern MoMo Agents Association of Ghana (NOMAAG), the Mobile Money Advocacy Group (MOMAG), the Mobile Money Agents Association Ghana (MMAAG), and the ABAG published a joint statement announcing the decision.
According to the Associations, this interim move is meant to call attention to their long-standing complaints about inadequate pay for their services.
They highlighted that the change is not intended to bother clients, but rather to highlight the necessity for MoMo agents to have a viable business model.
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“During this period, we will continue to actively engage with service providers to address the commission review concerns raised,” the Associations stated. “If, within the one-month period, there is no favourable adjustment, we will regrettably have to implement further action plans.”
The associations urged all parties, including customers, to help them achieve appropriate remuneration for MoMo agents. They stressed that creating a fair and equitable framework for all parties involved is critical to the viability of MoMo services in Ghana.
“We urge you to join us in mobilizing support for fair compensation to Mobile Money Agents,” the Associations said in a statement.
The move to limit cash withdrawals is expected to affect MoMo customers, especially those who rely on these services for major transactions.
The Associations, on the other hand, expressed optimism that customers will understand the reasoning behind this interim action and support their attempts to obtain reasonable remuneration.
In recent years, the MoMo industry has risen dramatically, becoming an important component of Ghana’s financial landscape.
MoMo agents play a pivotal role in facilitating these transactions, making their concerns regarding compensation a pressing issue.
