MTN Ghana has said it has witnessed a significant increase in mobile money transactions following the government’s decision to review the Electronic Transaction Levy (E-Levy) rate downwards.
The government, in June 2022, announced it realised roughly GHC60 million from the E-Levy, far below the projected GHC600 million, a month after the rollout of the policy.
This, however, necessitated the reduction of the levy from 1.5% to 1%.
Addressing journalists at a media and stakeholders forum in Accra on Thursday (27 April), the chief executive officer of MTN, Selorm Adadevoh said, ” This revision is very positive for us as a business but also for Ghanaians.
Adadevoh added, “We have seen a lot of increased appetite for mobile money transactions.”
Listen to Selorm Adadevoh in the attached audio clip below:
Reduction
The implementation of the revised Electronic Transfer levy (E-Levy) rate of 1% commencd Wednesday (11 January), according to the Ghana Chamber of Telecommunications.
The Commissioner General of the Ghana Revenue Authority (GRA) has also issued a directive to that effect.
“As captured in the Electronic Transfer Levy (Amendment) Act, 2022, Act 1089, which has been passed by Parliament and assented to by the president, the levy on electronic transfers has been reduced from 1.5% to 1%, while the GHC100 threshold remains unchanged,” the chamber said in a statement.
The Ghana Chamber of Telecommunications has also given assurance to the general public of a seamless implementation of the revised electronic transfer levy.
The reduction from 1.5% to 1% came into effect after the realisation that the levy has failed to meet all of its revenue targets since its introduction.
Players in the telco space have also been raising concerns over the low-running and ineffective mobile money service.
The Finance Minister Ken Ofori-Atta first announced the decision to reduce the levy from 1.5% to 1% on Thursday (24 November 2022) during the 2023 Budget Statement presentation in Parliament.
Reporting by Fred Dzakpata in Accra
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