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Total MoMo transactions hit ¢833.3bn in October 2022 despite E-levy implementation

According to the Bank of Ghana’s most recent Summary of Economic and Financial Data, total Mobile Money transactions increased by 12.9% year over year to 833.3 billion in the first 10 months of 2022 despite the imposition of the Electronic Transaction Levy (E-Levy).

Therefore, it is puzzling why, despite the enormous growth in mobile money transactions, the government cannot generate a sizable amount of revenue from the tax on electronic transfers.

The expected value of all mobile money transactions in October 2021 was 737.6 billion. The number of transactions has increased dramatically by an additional 95.7 billion when compared to the same period in 2022.

According to a recent poll by the Center for Economics, Finance, and Inequality Studies, despite using mobile money to conduct transactions, many consumers do not pay the E-Levy. For them to be allowed to deposit money into the recipient’s wallet using a “Mobile Money” merchant account, they come to a “gentleman’s agreement” with the sellers.

In order to prevent customers from evading the levy payment and to increase revenue from the tax, the government will need to take into account the worries of many and lower the rate of the e-levy to at least 0.5%.

The month of October 2022, when 100 billion transactions were registered, saw the highest volume of mobile money transactions so far in 2022.

It exceeded the figure of $90.1 billion noted in July 2022.

According to the data, Mobile Money transactions have increased significantly since May 2022, when the E-levy went into effect.

It increased from 71.4 billion in May to 77.4 billion in June 2022, but remained essentially the same at 77.2 billion in July 2022.

However, it increased noticeably by 9.9 billion to reach 87.1 billion in August 2022 and then somewhat to 88.8 billion in September 2022.

In October 2022, it increased by around 11.4 billion to a considerable 100.2 billion.

Despite the E-levy, there were 833.3 billion mobile money transactions in October 2022.

The latest Summary of Economic and Financial Data by the Bank of Ghana showed that total Mobile Money transactions in the first 10 months of this year increased by 12.9% year-over-year to 833.3 billion despite the existence of the Electronic Transaction Levy (E-Levy).

Therefore, it is puzzling why, despite the enormous growth in mobile money transactions, the government cannot generate a sizable amount of revenue from the tax on electronic transfers.

The expected number of mobile money transactions in October 2022 was 737.6 billion. When compared to the same time last year, the number of transactions has increased by an astounding 95.7 billion.

According to a recent poll by the Center for Economics, Finance, and Inequality Studies, despite using mobile money to conduct transactions, many consumers do not pay the E-Levy. For them to be allowed to deposit money into the recipient’s wallet using a “Mobile Money” merchant account, they come to a “gentleman’s agreement” with the sellers.

In this situation, the government will need to pay attention to the complaints of many and reduce the e-tax rate even more, to at least 0.5%, in order to stop customers from dodging the levy.

The month of October 2022, when 100 billion transactions were tallied, had the highest volume of mobile money transactions to date.

The 99.1 billion cedis reported in July 2022 were surpassed.

According to the data, Mobile Money transactions have increased significantly since May 2022, when the E-levy went into effect.

It increased from 71.4 billion in May to 77.4 billion in June 2022, but remained essentially the same at 77.2 billion in July 2022.

However, it increased noticeably by 9.9 billion to reach 87.1 billion in August 2022 and then somewhat to 88.8 billion in September 2022.

In October 2022, it increased by around 11.4 billion to a considerable 100.2 billion.

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