The decision, which was originally set to take effect on July 1, has now been withdrawn.

In a statement released yesterday, MTN Ghana announced the reversal, stating, "The planned review of the cash-out fee for MoMo has been withdrawn. The current cash-out fee of 1%, capped at GHS10, still remains and will be charged to your wallet. Do not pay any other fees. We apologize for any inconvenience this may have caused."

MTN increases Mobile Money withdrawal transaction fees effective July 1

The proposed fee adjustment had attracted significant attention and sparked concerns among MTN MobileMoney users. An SMS circular was sent to customers by MTN MobileMoney Limited, informing them of the change and subsequent cancellation.

According to the circular, cash-out transactions below GH?2,000 would have continued to attract the existing fee structure of 1% of the transaction amount. However, for cash-out transactions of GH?2,000 and above, a flat fee of GHS20 would have been directly deducted from the customer's wallet.

MTN Ghana's decision to retract the fee adjustment comes as a relief to many MobileMoney users who were concerned about the potential impact of the flat fee on larger transactions.