The Bank of Ghana (BoG) says it is investigating the reintroduction of transfer charges by some commercial banks following the recent scrapping of the controversial Electronic Transfer Levy, commonly known as the E-Levy.

The central bank’s intervention comes amid rising complaints from customers over renewed fees on transfers between bank accounts and mobile money wallets—charges that appeared almost immediately after the E-Levy was abolished.

Speaking at a recent Monetary Policy Committee briefing, BoG Governor Dr Johnson Asiama said the regulator had received reports of at least one bank implementing such charges and would engage the institutions involved.

“It is something that came to our attention. We are looking into it. I am aware of one particular bank, and this is very well noted. We will be happy to look into the matter,” he told reporters.

The BoG is aiming to ensure transparency in pricing and to protect consumer interests. This comes at a time when the banking sector has seen a notable GHC 5 billion decline in total deposits between March and April 2025, although the cause remains under review.

Meanwhile, mobile money usage in Ghana continues to climb. Data from the central bank shows that the value of mobile money transactions rose to GHC 365 billion in April 2025, up from GHC 351.7 billion in March. The number of transactions also increased from 764 million to 778 million.

Officials attribute the growth to greater mobile phone penetration, a widening agent network, and the convenience of digital financial services. The trend supports Ghana’s broader goal of enhancing financial inclusion and transitioning to a cash-lite economy.

Source:TheDotNews