The Bank of Ghana (BoG) is investigating the reintroduction of transfer charges by some commercial banks following the recent removal of the Electronic Transfer Levy (E-Levy).
Customers have raised concerns over new or increased fees on transfers between personal bank accounts and mobile money wallets—charges that resurfaced almost immediately after the E-Levy was scrapped.
According to BoG data, the banking sector recorded a GHC 5 billion drop in total deposits between March and April 2025. While the Central Bank has not yet confirmed the cause of the decline, Governor Dr. Johnson Asiama has assured the public that affected banks will be engaged to ensure transparency and protect consumer interests.
“It is something that came to our attention that some banks were imposing these kinds of charges. We are looking into that. I am aware of one particular bank. This is very well noted and we are happy to look into the matter,” Dr. Asiama said during the recent Monetary Policy Committee briefing, in response to a question from Citi Business News’ Nii Larte Lartey.
Mobile Money Activity Surges
Meanwhile, mobile money platforms recorded a significant uptick in activity. In April 2025, the total value of mobile money transactions reached GHC 365.0 billion—a 3.8% increase from GHC 351.7 billion in March. This marks the highest monthly value recorded so far this year.
The number of transactions also rose from 764 million in March to 778 million in April, highlighting the growing reliance on mobile money for both personal and business use.
The BoG attributes this growth to increased mobile penetration, the expansion of agent networks, and the convenience of mobile-based financial services. These factors, it said, are helping deepen financial inclusion and drive Ghana’s transition toward a cash-lite economy.
Source : Citinewsroom
