NBS ends partnership with MMG over increased transaction costs for mortgage payments

Nov 16, 2024 News

Kaieteur News-The New Building Society (NBS) on Friday said that it has ended its partnership with Mobile Money Guyana (MMG) over increased transaction costs attached to mortgage payments.

In a press release, the bank informed “its valued customers and the general public that we are no longer in collaboration with Mobile Money Guyana (MMG) to facilitate mortgage payments. This decision was made due to an unsanctioned fee increase by MMG that we believe to be excessively burdensome for our customers.”

“Initially, the agreed-upon transaction fee for customers making mortgage payments via MMG was $120 per transaction. Recently, however, MMG proposed to increase this fee to 0.75% on the value of each transaction—a significant and unexpected hike. NBS feels strongly that this increase places an unreasonable financial strain on our customers, many of whom rely on these services for convenient and affordable payment options,” the bank said in its statement.

The NBS said that upon concluding its partnership, both parties mutually agreed to inform customers of the termination in a respectful manner.

“However, despite this agreement, MMG has chosen to independently distribute notices to our customers, which, in our view, misrepresent the situation and may unfairly impact our relationship,” NBS said adding, “We understand the importance of trust in financial services, and NBS remains committed to providing transparent, customer-centered solutions. We encourage our customers to reach out to our branch representatives for alternative mortgage payment options.”

(NBS ends partnership with MMG over increased transaction costs for mortgage payments)

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MMG proposed, Mobile Money Guyana, NBS remains, New Building Society

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