MoMo transactions drop massively after E-levy passage (Details)

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According to a new report, the value of Mobile Money (MoMo) transactions has declined although it achieved a stable status in March shortly after the passage of the controversial Electronic Transfer Levy. 

According to the rpeort we sighted on Graphic Online with available data from the Bank of Ghana (BoG) showed that the value of money moved on mobile phones declined from GH¢90.5 billion in March to GH¢87.7 billion in April this year.

The BoG data showed that the decline in money moved on the mobile phone-based platform between March and April was GH¢2.8 billion, equivalent to about 3.1 per cent, within the period.

While the number of transactions also fell from 413 million in March to 403 million in April, the amount of money on MoMo float rose from GH¢9.5 billion to GH¢9.6 billion within the period, the first in the year.

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The Commissioner-General of GRA, Reverend Dr Ammisshaddai Owusu-Amoah had earlier told the Graphic Business in April  that the revision followed the reduction in the rate from 1.75 per cent to 1.5 per cent, the delay in implementing the levy, the negative sentiments that heralded the proposal of the levy and internal estimates by GRA that showed that MoMo transactions would slow down in the first days of the levy before picking up.

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