Yesterday November 19, 2021, the Finance Minister, Ken Ofori-Atta, during the presentation of the 2021 Budget Statement made mention of the new mobile money levy which according to him is aimed at enhancing financial inclusion and protecting the vulnerable.
The new initiative has angered a lot of Ghanaians with many taking their frustrations to social media to speak against the new 1.75 percent MOMO levy.
The new 1.75 percent MOMO levy which will come into effect on 1 February 2022 will be imposed on transactions covering 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. There is an exemption for transactions up to GH¢100 (US$ 16) per day
For the next 3 months, Ghanaians will have to brace themselves because the electronic transactions tax is here to stay and below is a pictorial view of the new MOMO charges before and after the 2022 budget.