Bank Of Ghana to Clamp Down on Banks Over Reintroduced Transfer Charges

Bank of Ghana Governor Johnson Asiama

The move comes after customers raised concerns about new or increased fees on transfers between personal bank accounts and mobile money wallets. The charges resurfaced almost immediately after the E-Levy was scrapped, sparking outrage among consumers.

BoG’s Investigation

Dr. Asiama stated that the BoG is aware of at least one bank imposing such charges and will look into the matter. “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 said during the Monetary Policy Committee briefing.

Impact on Banking Sector

The banking sector saw a GHC 5 billion drop in total deposits between March and April 2025, according to BoG data. While the central bank is yet to determine the cause, the drop has raised concerns about the stability of the sector.

Mobile Money Transactions

In contrast, 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. The number of transactions also rose, from 764 million in March to 778 million in April.

BoG’s Stance

The BoG attributes the growth in mobile money transactions to increased mobile penetration, expansion of agent networks, and the convenience of mobile-based financial services. The central bank is committed to deepening financial inclusion and accelerating the shift toward a cash-lite economy.

What’s Next?

The BoG’s engagement with commercial banks will determine the fate of the reintroduced transfer charges. Consumers are eagerly awaiting the outcome, hoping for a more transparent and consumer-friendly banking system.

Key Points:

Reintroduction of Transfer Charges: Commercial banks have reintroduced transfer charges after the removal of the E-Levy.
BoG Investigation: The central bank is investigating the matter, ensuring transparency and safeguarding consumer interests.
Drop in Bank Deposits: The banking sector saw a GHC 5 billion drop in total deposits between March and April 2025.
Growth in Mobile Money Transactions: Mobile money transactions recorded a significant uptick in activity, with a 3.8% increase in value and a rise in the number of transactions.

Source: Africa Publicity