BoG to engage banks over reintroduced transfer charges after E-Levy removal

The Bank of Ghana (BoG) is investigating transfer charges by some banks. This follows the recent removal of the E-Levy. Customers have raised concerns about new or increased fees. These fees apply to transfers between bank accounts and mobile money wallets. They appeared soon after the E-Levy was scrapped.

BoG data shows a GHC 5 billion drop in total deposits. This decline occurred between March and April 2025. The Central Bank has not yet identified the cause. Governor Dr. Johnson Asiama stated that affected banks will be contacted for transparency. He emphasized the importance of safeguarding consumer interests.

Asiama noted, “We are looking into this issue.” He mentioned awareness of one particular bank imposing these charges. His comments came during a Monetary Policy Committee briefing.

Meanwhile, mobile money platforms saw increased activity in April 2025. The total value of transactions reached GHC 365 billion, up from GHC 351.7 billion in March. This represents a 3.8% increase and is the highest monthly value this year.

The number of transactions also rose significantly, from 764 million to 778 million. This growth highlights reliance on mobile money for personal and business use. The BoG credits this trend to better mobile access and expanded agent networks. These factors help deepen financial inclusion and promote a cash-lite economy.