BoG to Engage Banks Over Reintroduced Transfer Fees After E-Levy Scrapped

The Bank of Ghana (BoG) has announced plans to engage commercial banks that have reinstated transfer fees following the removal of the Electronic Transfer Levy (E-Levy).

This comes amid growing customer complaints over unexpected charges on transfers between personal bank accounts and mobile money wallets. These fees reportedly reappeared almost immediately after the E-Levy was eliminated.

According to the BoG, the country’s banking sector experienced a GHC 5 billion decline in total deposits between March and April 2025. While the cause of this drop remains under investigation, BoG Governor Dr. Johnson Asiama emphasized the central bank’s commitment to transparency and consumer protection.

“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,” Dr. Asiama said at the recent Monetary Policy Committee briefing, in response to a question from Citi Business News reporter Nii Larte Lartey.

In contrast to the decline in deposits, mobile money usage surged during the same period. April 2025 saw mobile money transactions hit a record GHC 365.0 billion, up 3.8% from GHC 351.7 billion in March. The number of transactions also increased, rising from 764 million in March to 778 million in April.

The BoG attributes this growth to the widespread adoption of mobile phones, expansion of mobile money agent networks, and the ease of using digital financial services. These factors are key drivers in advancing financial inclusion and promoting Ghana’s transition toward a cash-lite economy.