Consumer advocacy group, CUTS International wants financial technology firms to give customers at least one month’s notice before introducing new service charges.
The group says sudden pricing changes risk undermining public trust in the digital finance ecosystem.
The call follows the Bank of Ghana’s decision to suspend a proposed 0.75% charge by Mobile Money Fintech Limited on wallet-to-bank transactions, which was expected to take effect from June 1.
The proposed charge sparked widespread public backlash, with many users criticizing the short notice period and lack of stakeholder engagement.
Speaking to Citi Business News, the West Africa Regional Director of CUTS International, Appiah Kusi Adomako, said fintech firms may need to adjust pricing occasionally to reflect operational costs and sustain their businesses.
However, he stressed that consumers must be treated fairly and adequately informed before any new charges are introduced.
“One month is a fair notice period,” Mr. Adomako stated.
According to him, providing sufficient notice is not only good business practice but also critical to maintaining customer confidence in digital financial services.
“You will recall that last year when Multichoice wanted to increase their tariffs, they gave consumers one week notice, which faced a lot of backlash. That is not a very good commercial business plan because when you have customers that you do business with, you do not just give them one week notice that you are increasing your price,” he said.
He added that, businesses must place emphasis on customer relations, particularly in highly competitive sectors such as financial technology, where trust remains a key driver of customer adoption and retention.
