GH¢3 billion drop in MOMO transactions as Government Negotiates E-Levy passage.
Less the one month after Finance Minister, Ken Ofori-Atta , announced in the 2022 budget of an electronic transfer levy (E-Levy), the value of mobile money transactions has dropped by GH¢3.2 billion in December 2021.
This was revealed by Data published by the Bank of Ghana (BoG).
According to the report, the value of transactions on the country’s largest payment platform decreased to GH¢82.9 billion in December from GH¢86.1 billion recorded in November 2021, representing a 3.8 percentage points decline.
Besides this, the volume of transactions also shows there is some kind of apprehension from some customers in using the mobile money platform, as it recorded 300,000 increase in December, representing 0.75 percentage point growth from November.
However, compared with September and October, there was 700,000 increment in volume of transactions, which represents 1.74 percentage points growth.
This development indicates change in consumer behaviour regarding the use of the payment platform after the 1.75 percent E-levy was announced.
Further to this, a Deputy Minister of Finance, John Kumah, admits that though government’s research indicates there will be about 24 percent attrition rate when the levy is passed, that will not lead to job losses. He made this claim when he appeared on Citi TV.