THE New Building Society (NBS) has announced the termination of its collaboration with Mobile Money Guyana (MMG) for facilitating mortgage payments, citing an unsanctioned fee increase by MMG that the institution deemed excessively burdensome for its customers.

According to NBS, the initial agreement with MMG allowed customers to make mortgage payments at a transaction fee of $120. However, MMG recently proposed a substantial fee increase to 0.75 per cent of the transaction value, a move NBS believes places undue financial strain on its customers.

“This increase is significant and unexpected, and we feel strongly that it is an unreasonable burden for our customers,” NBS stated.

The decision to end the partnership was reportedly reached amicably, with both parties agreeing to notify customers respectfully. However, NBS has expressed concern over MMG’s unilateral distribution of notices to customers, which the institution claims misrepresent the situation and risk damaging customer trust.

NBS emphasised its commitment to maintaining transparent and customer-focused services. “We understand the importance of trust in financial services, and we remain dedicated to providing affordable and convenient payment solutions,” the institution stated.

The organisation has urged customers to contact their local NBS branches to explore alternative mortgage payment methods and ensure uninterrupted service.

This development underscores NBS’s focus on protecting its customers from unexpected costs while ensuring access to reliable financial services.