Prices of phones and mobile money transactions are set to go up as the Mobile Money Merchants Association are getting ready to increase price of recharge cards by 10% starting today, Wednesday, February 3.
The Association blames the imminent increment on the reduction in the commission of vendors on each card sold.
According to president of the association, Kingsley Freelove Amoh, telcos have reduced commissions by up to five percent despite the difficult economic situation.
"It is unfortunate that the telcos will choose to decrease commissions to vendors at a time when cost of living has shot up drastically. So we will also have to protect our profits by " he said
He revealed that members of the association will have a meeting to take a final decision on the matter.
It is however unclear whether recharge card and mobile money vendors are allowed to charge higher prices than stipulated on the scratch cards.
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On mobile money charges, there has been raging controversy over who is mandated to keep proceeds of the commissions on mobile money transactions.
Whereas banks insist that they are mandate to keep the funds for onward transfer to vendors, telcos claim that they are supposed to pay 100% of the proceeds to the telecommunication companies who will then transfer 80% to the vendors, keeping 20% for their own operational costs.