Telcos to cut MoMo transfer charges to reduce e-levy burden

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Telcos

It has emerged that Telecommunication companies have agreed to reduce Mobile Money (MoMo) transactions charges by 25%.

The development was announced by the Ghana Chamber of Telecommunications (GTC) amid the introduction of the electronic transaction tax (e-levy).

According to GTC, the decision follows extensive engagements with stakeholders on the matter on the need to lessen the impact of the new tax on consumers.

The operators are Airtel Mobile Commerce Ltd (AirtelTigo Money), Mobile Money Limited (MTN MoMo) and Vodafone Ghana Mobile Financial Services Limited (Vodafone Cash) which currently has no charges.

“We acknowledge the need to expand the tax base. However, to reduce the overall impact of the new levy on consumers, MTN and AirtelTigo have agreed to a downward revision of their P2P (person to person transfer) fees by up to 25% depending on the respective operator. Vodafone currently has no charges,” GTC explained in a statement.

The statement added that each mobile money operator would notify their customers of the applicable revised rate when the e-levy bill is passed into law.

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The proposed e-levy, which is expected to come into effect in 2022, is a charge of 1.75% of the value of electronic transactions.

It includes mobile money payments, bank transfers, merchant payments, and inward remittances.

The originator of the transactions will bear the charge except for inward remittances, which will be borne by the recipient.

Read the full statement below:

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