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The Bank of Ghana (BoG) has launched an investigation into the reintroduction of transfer fees by some commercial banks after the recent elimination of the Electronic Transfer Levy (E-Levy).
Many customers have expressed frustration over fresh charges—or increases in existing ones—on transactions between their bank accounts and mobile money wallets. These fees appeared almost immediately after the E-Levy was scrapped.
BoG records reveal that the banking sector experienced a significant drop of GHC 5 billion in total deposits between March and April 2025. While the cause of this decline remains uncertain, Governor Dr. Johnson Asiama has assured that the central bank will engage the affected banks to maintain transparency and protect customer interests.
“This issue was brought to our attention. We’ve noted that some banks have started applying such charges. Investigations are underway. I’m aware of at least one specific bank involved, and we intend to follow up,” Dr. Asiama said during a Monetary Policy Committee press briefing, in response to a question from Citi Business News’ Nii Larte Lartey.
On the other hand, mobile money usage has surged. In April 2025, the total value of mobile money transactions rose to GHC 365 billion, up from GHC 351.7 billion in March—a 3.8% increase and the highest monthly value recorded so far this year.
The volume of transactions also went up, from 764 million in March to 778 million in April, highlighting the growing preference for mobile money for daily and business transactions.
BoG credits this steady rise to wider mobile phone usage, the growth of mobile money agent networks, and the overall convenience of digital financial services. These factors are helping drive financial inclusion and support the transition toward a cash-lite economy.
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