Tag: mobile money
-
Mobile money disrupted banking in Ghana – Zeepay CEO
Founder and Chief Executive Officer of Zeepay, Andrew Takyi-Appiah, says the introduction of mobile money disrupted banking in Ghana and other parts of Africa. He indicated that mobile money broke the “curse” of Ghanaians’ inability to walk into a bank to transfer money to another bank “over the counter”. The CEO of Zeepay observed that…
-
Mobile money loan defaulters to be denied access to future credit- BoG
The Bank of Ghana (BoG) has warned individuals who have acquired loans through Mobile Money platforms, but have deliberately refused to register their SIM cards with the intention of avoiding repayment of the loans to rescind the decision and clear their debt. A statement from the BoG stated that, “failure to repay such loans will…
-
Value of MoMo transactions decrease by 3% between March and April 2022
The value of mobile money transactions has seen a three percent decrease between March and April 2022. According to latest data from the Bank of Ghana, the value of transactions dropped from GHS90.5 billion in March to GHS87.7 billion in April. The number of MoMo transactions also dropped from 413 million in March to 403…
-
E-levy; Telco’s must scrap charges on transfers ahead of implementation – Dr Ampaabeng
As the conversation of the electronic transaction levy continues to hang in the balance in parliament, Tax consultant, Dr Alex Ampaabeng is proposing the scrapping of charges on all mobile money transactions. Dr Ampaabeng believes the removal of the charges by telcos will make the implementation of the levy by the government less burdensome for…
-
Mobile Money agents meet GRA over proposed 10% tax on their earnings
The news of a ten percent tax expected to be paid by mobile money agents from their cash-out services has been met with opposition, as the agents say the tax is being imposed on them is uncalled-for. The government, in a new directive, has asked telcos to deduct a 10% tax from the cash-out service…
-
MoMo Agents kick against 10% tax imposed on their earnings
Mobile Money agents across the country are kicking against a 10% tax being imposed on their earnings by the government. The agents at an emergency meeting on Friday June 25, 2021, said they can no longer bear any extra financial levy on their operations. In a communiqué following the meeting, the Mobile Money Agents Association…
-
![Mobile money vendors explore more protection from telcom operators [Video]](https://citibusinessnews.com/wp-content/uploads/2021/05/mobile-money.png)
Mobile money vendors explore more protection from telcom operators [Video]
When the first Mobile Money service was launched in Ghana in 2009, the market probably wasn’t ready for full mobile financial services. Around 70 percent of the population was unbanked, that’s according to the World Bank, and only an estimated 35 percent of the population owned a mobile phone. However, the urban-rural divide was a…
-
![The principle of taxing MoMo transactions and its unintended consequences – Part 1 [Article]](https://citibusinessnews.com/wp-content/uploads/2021/05/derek-laryea-e1620164776362.jpeg)
The principle of taxing MoMo transactions and its unintended consequences – Part 1 [Article]
“I contend that a country that tries to tax itself into prosperity is like a man standing in a bucket trying to lift himself up by the handle.” (Sir Winston Churchill, 1904) One of the basic principles of taxation is fairness and neutrality. This principle demands that taxes should not favour any one group over…
-
MTN introduces new feature to validate IDs during MoMo transactions
MTN Mobile Money Limited has introduced an additional security feature that allows its agents to verify the identity of customers who come to withdraw money with ID cards. This comes after agents across the country had their SIM cards blocked because they keyed in incorrect ID numbers from customers. CEO of Mobile Money Limited, Eli…
-
Mobile Money accounts grow to 1.2 billion in 2020 – GSMA
Data released by the GSMA indicates that an acceleration in mobile transactions during the COVID-19 pandemic as lockdown restrictions limited access to cash and financial institutions. The report published in its annual ‘State of the Industry Report on Mobile Money’, shows that the number of registered accounts grew by 13 per cent globally in 2020…