The Parliament of Ghana, has, on Tuesday, 29th March, 2022 passed the controversial Electronic Transfer Levy [E-levy] Bill after the Minority side staged a walkout.
The passage of the Bill has become a worrying situation to many Ghanaians both home and abroad regarding a 1.50% charges on Electronic Transfers.
Two days after the bill was passed, the President of Ghana, H.E Nana Addo Dankwa Akufo-Addo has assented to the Bill into Law on Thursday, 31st March, 2022 to allow commencement of processes for deduction of the levy.
Following the approval of the Act, the Ghana Publishing Company Ltd has also gazetted and printed the Act for public usage.
Since then, Ghanaians have been searching for an avenue to avoid the E-levy charges when ever they send Momo to someone.
Most people don’t know that, they can use MoMo and still not pay this E-levy charges. Here are two of the ways you can do that.
Below are some possible means to avoid E-levy charges.
STEP ONE ON HOW TO AVOID E-LEVY CHARGES
1. Buy another sim (if you are using MTN buy either Vodafone or Tigo and vice versa).
2. Register the MOMO account in your name on the new sim.
3. Give new sim to your parents or trusted ones or your company.
4. Anytime you want to send money to your parents or trusted ones or company, send it through that number registered in your name.
5. Remember that, the Electronic Transfer Levy Act, 2022 under 2(b) do not imposed levy for transfers between accounts owned by the same person.
STEP TWO ON HOW TO AVOID E-LEVY CHARGES
If you send money [GH¢600] to someone, you will be charged 1% by the Service Provider (Either MTN, Tigo etc) amounting to [GH¢6]. You will again be charged an extra 1.50% by government amounting to [GH¢7.5] . In all the sender will be charged twice, a total of 2.5% amounting to [GH¢13.5]. Then, when the receiver received the money and withdraw, he/she will be charged additional 1% by the Service provider amounting to another [GH¢6].
Note that, in all, a total of [GH¢19.5] will be charged by sending an amount of GH¢600.
HOW TO AVOID ALL THESE DOUBLE CHARGES
1. Let the receiver (the person you want to send the money to) go to a MoMo vendor and mention your number to the vendor.
2. Allow Cash Out wherever you are and give your ID number to the receiver to mention to the Momo vendor.
3. The vendor initiates withdrawal and it comes to you for approval wherever you are. Approved to confirm withdrawal.
4. The person then receives his/her cash.
Not that, with this, you only pay for withdrawal charge amounting to [GH¢6] on an amount of GH¢600 instead losing GH¢19.5
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