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Momo Agents Push for E-Levy Rate Reduction

The Mobile Money Agents Association of Ghana has reiterated its appeal to the government to reassess the Electronic Transfer Levy (E-levy) rates, citing concerns over financial inclusion.

The Association’s General Secretary, Evans Otumfuo, emphasized the need for a review in an interview citing data from the Bank of Ghana that shows increased patronage of mobile money platforms following rate reductions.

“We are going to make a case for the government to urgently consider reducing the e-levy rate. If done, we believe we will get more value, and the e-levy should be scrapped or reduced to the barest minimum,” Otumfuo stated.

He highlighted that the Association’s advocacy for an e-levy review aims to enhance financial inclusion, particularly in the digital age. “We have always advocated for policies that encourage the uptake of financial products. If implemented, it will promote the adoption of financial platforms and transactions,” he explained.

Otumfuo noted that the Association opposed the introduction of e-levy from the outset, fearing it would discourage sector growth. “There are consumers shying away due to the cost applied,” he added.

The E-levy was introduced in 2022 as part of the government’s domestic revenue mobilization efforts. Following criticisms, the rate was reduced from 1.75% to 1.5% and later to 1%.

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