Consumers across Guyana are voicing their dissatisfaction over an increase in fees being charged by agents across the country for transactions with electronic wallet operator, Mobile Money Guyana (MMG), including deposits, which previously were not subject to charges. According to several consumers the Guyana Times spoke with, the arbitrarily applied fees range from $100 to as much as $3,000, depending on the monetary value of the transaction. However, small agents are defending their decision to start charging their own fees, noting that the commissions paid by MMG are unviable. “First of all, it’s your money you have to invest and the commission is low. The commissions on the services are very low. Customers would do transactions worth thousands and you don’t get much. For example, $60,000 and the agent’s commission may not even be $100, especially for GTT or One Communications services,” an agent noted. “It’s unfair to the agents who basically provide all the cash. It’s like working for a boss you have to pay. Yes, it is their idea, their company and their app, but I think the commission should be raised.” According to transaction commission information seen by this newspaper, one agent made a commission of 0.8 per cent on a GPL bill payment, which amounts to an $800 commission on every $100,000, while another made 0.2 per cent for a deposit into a customer’s wallet. This amounts to $200 made by the agent for every $100,000.

It is not known if MMG applies a fixed commission percentage to respective transactions for any amount across all agents, or if different amounts attract different commission percentages. However, one agent explained that there are different categories of agents for the service, with agents who handle higher amounts of money being elevated to a higher category, which is said to attract higher commissions for transactions. “There are us small agents, and then there are super agents who make more commission. I think they offer it based on the amount you would have in your account and if you frequently top up regular agents and regular subscribers. However, different services have different commissions,” the agent explained. Up to press time, the company had not responded to questions sent via email about the situation. In terms of charges to consumers, MMG customers are charged approximately $120 for most payments, including merchants and bills, with the exception of bills for MMG’s parent company, One Communications (formerly GTT), and adding credit balance to cell phones. Withdrawals incur fees ranging from $250 to a percentage of the withdrawal amount. MMG does not make any of its fee structures public. The fee is automatically deducted from a customer’s wallet balance for those with an account. To recharge their accounts, customers can make a deposit at agents, transfer money from local bank accounts, or deposit using Visa cards. Visa deposits incur a fee of 5 per cent, while direct deposits through an agent were previously free of charge. However, agents have begun charging for these transactions. And customers are not happy.

“I paid $500 to put in $10,000, plus you are paying around $120 per bill,” commented MMG customer Rishma Persaud. Persaud, a business owner, reports that her electronic wallet has become an integral part of her financial life, using it for everything from bill payments to money transfers and payments to her suppliers. “All of those have a charge attached to it. I’ve been a customer since 2014, and honestly, I feel taken advantage of. If I go into the [MMG] branch itself, it takes a long time, so to save time I’m paying the upcharge from the agents, but I’m not happy about it. I pay all my bills through MMG, so it adds up to a lot in the end,” she shared. Other customers believe MMG needs to do more to sensitise consumers about what the fees and charges are so as to avoid uncomfortable situations. “The rules for the transactions are not clear. That type of thing undermines the agents. It’s very annoying and wastes time when you have one expectation and you turn up and have to pay. Now I don’t stop at any MMG location outside the city,” commented Dmitri, another MMG customer who has been with the service for over nine years.