The Bank of Ghana (BoG) is looking into some banks that might be bringing back transfer fees after the Electronic Transfer Levy (E-Levy) was taken away.
People who use banks are worried because they’ve noticed new or higher fees for moving money between their bank accounts and mobile money wallets. These charges popped up right after the E-Levy was removed, and customers are not pleased about it.
According to the BoG, there was a big drop in total deposits in the banking system—about GHC 5 billion—between March and April 2025. The Central Bank hasn’t said why this happened yet, but Governor Dr. Johnson Asiama promised that they will talk to the banks involved to make sure everything is clear and that customers are protected.
Dr. Asiama mentioned, “We’ve noticed that some banks are charging these fees. We’re checking into it. I know of one specific bank that’s doing this, and we’re definitely going to look into it.” He said this during a recent meeting about money policies when a reporter asked him about the situation.
On a brighter note, mobile money services are getting a lot more action! In April 2025, the total amount of money moved through mobile money reached GHC 365.0 billion, which is a 3.8% increase from GHC 351.7 billion in March. This is the highest amount recorded this year!
The number of transactions also went up, from 764 million in March to 778 million in April. This shows that more people are using mobile money for their personal and business needs.
The BoG believes this growth is happening because more people have access to mobile phones, there are more agents available to help with transactions, and using mobile money is super convenient. These things are helping more people get involved in the financial system and are pushing Ghana towards using less cash.