Coronavirus: Internal Auditors Advise Telcos To Reduce Mobile Money Charges By 50%

The Institute of Internal Auditors Ghana has advised the Bank of Ghana and Telecom dealers to consider reducing charges on mobile money transactions at a minimum of 50%.

According to the institute, this will help reduce the spread of Coronavirus, explaining that “the use of physical cash according to health professionals can contribute to the spread of Covid-19.”

The Chairman of the Advocacy Committee of Internal Auditors, Ghana Mr Kofi Apengtem emphasized on this when he spoke in an interview with Accra based Joy FM.

He stated that the Central Bank should take advantage of this in improving the cashless economy agenda.

In addition, he said that the reduction in Momo charges will minimise how people get in touch with physical cash hence reducing their risk of being infected with the virus.

With regard to the losses that they may incur, Mr Kofi Apengtem said the increase in volumes of transactions due to the action will compensate for their losses.


He emphasized, “Bank of Ghana and the Telecos can help all of us by reducing the transfer charges on mobile money, Momo is almost everywhere and I believe that the increased volumes in transactions will handsomely compensate for the initial loss that they may incur in halving their transfer charges”.

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In continuation, he said, “I believe that we also need to protect our health workers when we are paying fees at the hospitals and pharmacies by using MOMO and other cashless systems or else we may kill them before they will be able to help us as a country.”

The World Health Organisation (WHO) warns countries on the spread of the disease through banknotes.

Meanwhile, the WHO has cautioned people against too much usage of cash.

According to the WHO, the notes have the ability to increase the spread of the deadly coronavirus.

The caution comes after the Bank of England declared that banknotes “can carry bacteria or viruses”.

It has, hence, recommended the use of cashless technology and the washing of hands in order to reduce the spread of the virus.

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