Value of Momo transactions drop by GH¢3 billion pending E-Levy approval – Bank of Ghana data reveals

Filed photo of people transacting Mobile Money (MoMo) business
Filed photo of people transacting Mobile Money (MoMo) business

Following the brouhaha surrounding the approval of the Electronic transactions Levy, it has been revealed that the number of Mobile Money transactions have decreased in the country.

According to the Data from the Bank of Ghana, it has been revealed that there was a sharp decline in the volume of transaction on the Mobile Money platform after the E-levy was presented to Parliament.

The data show that in November, 2021, the value of Mobile Money transactions was GH¢ 86.1 billion but after the E-levy was laid before Parliament, the value of the transactions dropped to GH¢82.9 billion.


ALSO READ : Nine (9) ways Gov’t can raise GHS6.918 billion without E-levy : Hon. Okudzeto Ablakwa provides the solution

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Honourable Samuel Okudzeto Ablakwa
Honourable Samuel Okudzeto Ablakwa

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What transactions fall under the E-Levy?

a. Any transfer to or from a mobile money account or from a bank account of a person will be subject to the tax. These include:

b. Transfers done on the same mobile money network – For example sending money from your MTN Momo wallet to another person’s MTN Momo wallet.

c. Transfers from one mobile money network to a recipient on another network – For example sending money from your MTN Momo wallet to another person’s TIGO Cash wallet.

d. Transfers from banks accounts to mobile money accounts: For example, Kofi transfers money from an his CBG bank account to Ama’s MTN mobile money wallet.

e. Transfers from mobile money accounts to bank accounts: For example, Esi transfers money from her Vodafone Cash money wallet to Yaw’s GCB bank account .

e. Bank transfers on a digital platform or application which originate from a bank account belonging to an individual: Example- Kwame transferring money from his NIB Bank account to Akua’s Prudential Bank account.

SOURCE : Coverghana.com.gh

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