Ghana Bankers Association President Patricia Sappor revealed that the value of mobile money transactions for the first four months of this year was 301.1 billion yen while that of transactions by check over the same period amounted to 68.3 billion yen.
Madam Sappor said this during her speech at the 25th National Bank conference in Accra on “Ghana’s digital economy, the strategic role of the banking sector” on Thursday, November 18th.
She said, “The value of mobile money transactions for the first four months of this year was $ 301.1 billion, while that of check transactions over the same period was $ 68.3 billion.
“If the trend continues, which I think the total value of mobile money transactions will exceed check transactions by well over the $ 389 billion recorded for all of 2020.”
His comments come at a time when the government has introduced a tax on mobile money transactions in the budget statement for fiscal year 2022.
Finance Minister Ken Ofori-Atta has announced a new levy that will be levied by the government in 2022 on all electronic transactions in order to widen the tax and rope net in the informal sector.
“It is becoming clear that there is enormous potential for increasing tax revenues by bringing into the tax bracket, transactions that could be better defined as being undertaken in the ‘informal economy’,” Ofori observed. -Atta Wednesday November 17th as he presented the 2022 budget statement to Parliament.
“After much deliberation, the government decided to impose a tax on all electronic transactions to widen the tax net and rope in the informal sector. This will be known as a “direct debit or electronic debit”. “
He explained that the new electronic tax will be a 1.75% charge on all electronic transactions covering mobile money payments, bank transfers, merchant payments and inbound remittances at the expense of the sender, with the exception of incoming remittances, which will be the responsibility of the recipient.
However, this will not affect transactions that total GH ¢ 100 less per day.
“A portion of the proceeds from E-Levy will be used to support entrepreneurship, youth employment, cybersecurity, digital and road infrastructure, among others. “
This new direct debit should begin on Saturday, January 1, 2022.
In 2020, the total value of transactions was estimated to be over GH ¢ 500 million, with the number of mobile money subscribers and users increasing by 16% in 2019.
According to a report by the Bank of Ghana, Ghana saw an increase of more than 120% in the value of digital transactions between February 2020 and February 2021, compared to 44% for the period from February 2019 to February 2020 due to convenience. that they offer.
This has certainly been exacerbated by the advent of Covid-19, particularly during the lockdown.
Meanwhile, Energy Minister Dr Mathew Opoku said a lot of education is needed on the electronic tax which was introduced in the 2022 budget statement.
Speaking on New Day on TV3, he said the tax affected specific transactions, not all.
“Implementation is going to come with education, not everything that is affected. For example, less than a hundred transaction cedis are not affected. There is a lot of education to be done, ”Manhyia South MP told TV3’s Johnnie Hughes on Thursday, November 18th.