The Bank of Ghana (BoG) has launched an investigation into the reintroduction of transfer charges by some commercial banks, a move that has sparked widespread concerns among customers. This development follows the recent removal of the controversial Electronic Transaction Levy (E-Levy), which many hoped would ease the financial burden on transactions.
Customers have raised alarm over unexpected fees on transfers between personal bank accounts and mobile money wallets—charges that were quickly reintroduced by some banks immediately after the E-Levy’s repeal. This has raised questions about the timing and justification for these charges.
Speaking at the recent Monetary Policy Committee briefing, Governor Dr. Johnson Asiama assured the public of BoG’s commitment to protecting consumers. “It has come to our attention that some banks are imposing charges following the E-Levy removal. We are currently investigating this matter. I am aware of at least one specific bank involved, and we will engage with them to ensure transparency and fairness,” he stated.
Deposit Drop Raises Questions
The banking sector’s performance has also come under scrutiny. According to BoG data, total deposits in Ghana’s banking sector fell by GHC 5 billion between March and April 2025. While the Central Bank has yet to establish a direct link between the deposit slump and the reintroduced charges, the trend underscores potential shifts in consumer confidence and banking behaviour.
Mobile Money on the Rise
Amid the controversy, mobile money platforms have emerged as beneficiaries of the shifting financial landscape. The total value of mobile money transactions surged to GHC 365.0 billion in April 2025, a 3.8% increase from GHC 351.7 billion recorded in March. This represents the highest monthly transaction value so far this year.
The volume of transactions also rose significantly, from 764 million in March to 778 million in April. The surge reflects the growing reliance on mobile money for both personal and business transactions.
The BoG attributes this remarkable growth to factors such as increased mobile penetration, the expansion of agent networks, and the convenience of mobile-based financial services. These trends, according to the Central Bank, are instrumental in deepening financial inclusion and advancing the nation’s goal of becoming a cash-lite economy.
Next Steps
As the BoG prepares to engage with the implicated banks, consumer advocacy groups and industry watchers are calling for stricter regulations to ensure that banks do not exploit customers. The outcome of BoG’s investigations is expected to shape the future of banking practices in the country, particularly in an era where digital transactions continue to dominate.
Story by: Mercy Addai Turkson #ahotoronline.com
