The bank of Ghana has ordered every bank and specialized Deposit-Taking institution to only charge the authorized fees and charges from their clients. Bank of Ghana says that these institutions have abolished the Credit Insurance Premium Overcharge, Account Maintenance Fees on a savings account, and the Counter withdrawal Charges.
“The Bank of Ghana has observed with concern, a trend where some banks and specialized Deposit-Taking Institutions (SDIs) Impose certain fees and charges on customers. These practices are deemed to be unfair, inappropriate, and detrimental to financial inclusion’s agenda and the protection of customers’ interest. In line with the mandate of the Bank of Ghana to deal with unlawful or improper practices of the banks and SDIs under Section 3 Of Act 2016 (Act 930), the Bank of Ghana hereby notifies banks and SDIs of Abolition of practices,” Central Bank statement read.