The Bank of Ghana (BoG) is investigating the reintroduction of transfer fees by certain commercial banks after the recent removal of the E-Levy. Customers have expressed concerns about new or increased charges for transfers between personal bank accounts and mobile money wallets—fees that appeared shortly after the E-Levy was abolished. According to BoG data, the banking sector experienced a GHC 5 billion decrease in total deposits between March and April 2025.
While the Central Bank has not yet determined the cause of this decline, Governor Dr. Johnson Asiama stated that they will engage with the affected banks to ensure transparency and protect consumer interests.
“It is something that came to our attention that some banks were imposing these kinds of charges. We are looking into that. I am aware of one particular bank. This is very well noted and we are happy to look into the matter,” he stated during the recent Monetary Policy Committee briefing, responding to a question from Citi Business News‘ Nii Larte Lartey.
Meanwhile, mobile money platforms recorded a significant uptick in activity. In April 2025, the total value of mobile money transactions reached GHC 365.0 billion—a 3.8% increase from GHC 351.7 billion in March. This marks the highest monthly value recorded so far this year. The number of transactions also rose, from 764 million in March to 778 million in April, underscoring the growing reliance on mobile money for both personal and business use.
The BoG attributes this continued growth to increased mobile penetration, the expansion of agent networks, and the convenience of mobile-based financial services, all of which contribute to deepening financial inclusion and accelerating the shift toward a cash-lite economy.
By: Nii Larte Lartey
