The Mobile Money Advocacy Group (MoMAG) has declared the immediate suspension of the GH¢1000 withdrawal limit.

The decision comes after meetings with relevant authorities to address concerns about their commission rates, which the Group describes as meagre and stagnant.

In a press statement issued on Thursday, December 21, MoMAG clarified that this temporary measure is aimed at highlighting their ongoing concerns regarding inadequate compensation for their services.

“We believe that failure to heed this call of truncating this action will amount to disrespect to these institutions who had a fruitful meeting with us – the four mobile money associations. We think it will be prudent to hold on with the action for now.”

It has encouraged its members to return to the original mode of transactions while awaiting the results of the ongoing discussions in the coming year, 2024.

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“MoMAG, however, dissociates itself from any publication/announcement/information and any association(s) which seems to affix itself to the previous (November 25, 2023) decision of GHȻ1000 withdrawals,” it added.