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Deposit fees on Momo are illegal – Chamber of Telecommunications

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Dr. Kenneth Ashigbey, the Chief Executive Officer of the Chamber of Telecommunications, has vehemently asserted that there are no fees associated with depositing money into Mobile Money (MoMo) accounts.

In an interview on the Citi Breakfast Show, Dr. Ashigbey encouraged individuals encountering such fees to swiftly report the agent to their respective mobile networks or law enforcement, emphasizing, “Report the agent to the network and the police. There is no charge for depositing money in your account. There is no charge at all.”

Addressing concerns about charges for money transfers between MoMo wallets and bank accounts, Dr. Ashigbey clarified that if both the bank account and the mobile money account are linked to the same Ghana card used during registration, the system recognizes it as a self-transfer, and no charges should apply.

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While acknowledging instances of technical glitches during the Christmas holidays, leading to improper synchronization between bank and mobile money sides, he advised affected individuals to report the issues to their banks or MoMo service providers.

Despite these challenges, he emphasized that the law explicitly states that transfers between oneself, whether across different wallets or into different bank accounts, should not incur any charges.

Dr. Ashigbey stated, “The law is very specific; transfers between yourself on different wallets or into different bank accounts are not supposed to attract any charge at all.”

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