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The Mobile Money Advocacy Group Ghana (MoMAG) is optimistic that the removal of the e-levy will significantly enhance their business operations.
During his recent vetting, Minister-Designate for Finance, Dr. Cassiel Ato Forson, announced that the government’s first budget would eliminate the e-levy.
Speaking at the association’s new executive induction ceremony, MoMAG President Edward Ofori Agyemang told Citi Business News that the elimination of the e-levy would encourage deposits from clients, which had declined due to the levy.
“Now that the government has announced its intention to abolish the e-levy, we are thrilled, as it will positively impact our business. Before the introduction of the e-levy, customers frequently visited agents to deposit money and send it via their wallets. However, with the levy in place, many customers preferred agents to send money directly to avoid the charges,” he stated.
“We have been advocating for the removal of the e-levy, and we are grateful that the government is taking action. This will encourage more customers to deposit funds into their wallets,” he added.
The e-levy, implemented as a tax on electronic financial transactions, faced widespread opposition from both citizens and businesses.
It was believed to discourage the use of digital payment methods, particularly among the unbanked population that relied heavily on mobile money services.
Kwame Oppong, the Central Bank’s Director of Fintech and Innovation, highlighted the crucial role of mobile money services in promoting financial inclusion and improving access to financial services for underserved communities.
“The key lesson from pioneers in the mobile money sector is the importance of collaboration to carefully establish a regulatory framework. As a Central Bank, our primary role is to protect individuals and the sector while finding ways to support growth,” he said.
Source:Omanghana.com
