Browsing: MOMO

As the Global Fintech market is projected to hit US$400 billion by 2028, stakeholders in Ghana’s digital economy space are…

Adnan Adams Mohammed Relief to owners of SIM cards who have their numbers deactivated but had monies in their…

The Central Bank admits that in the initial stages of the new digital currency, there was a gap, however, the regulator has braced itself to make it cleaner while building public interest.

The Central Bank’s Summary of Economic and Financial Data revealed a minimal decrease in the number of active mobile money accounts from 18.9 million to 18.6 million between March and April this year.

According to the chamber, per the current law, salaries that are paid via mobile money would attract the 1.5% charge, whereas salaries paid through banks will not attract any E-levy. They described such move as discriminatory.

Below are a number of electronic transactions that will be affected and those that will be exempted when the implementation kicks in later in May 2022.

The growth of ecosystem transactions such as merchant payments, international remittances, bill payments and bulk disbursements, together with interoperable transactions, are accounting for a more significant share of the global mobile money transaction mix.

Mobile Money (MoMo) vendors across the country complained that, there were madrush withdrawals at their various mobile money vending outlets causing them to run out of cash which has tendency to collapse their petty business in the circumstances of the current economic hardship. However, it took the president, Nana Akufo Addo two working days to assent to the E-Levy law despite majority of Ghanaians haven openly kicked against the levy, especially taxing MoMo. An economics professor at the University of Ghana Business School shared his disappointment at the government for ignoring a better and progressive tax alternatives to push through the regressive E-Levy.

The number of MoMo transactions also saw a drop from 401 million in December to 372 in January this year. This comes at the time of heated controversy surrounding the introduction of Electronic Transactions Levy which will have every MOMO transactions exceeding GHC300 to be taxed 1.75%.