Tag: mobile money
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All is set for the launch of GCB Bank’s G-Money Service
As part of GCB Bank’s commitment to driving financial inclusion in its strategic objectives, the Bank will officially launch “G-Money”, an industry-first mobile wallet service on January 30, 2020. This comes after the Bank’s receipt of approval from the Bank of Ghana on November 25, 2019, to create electronic value backed by equivalent cash to…
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Banks must innovate or fall victim to disruption – eTranzact MD
The Managing Director of eTranzact Ghana, George Babafemi, says financial institutions must as a matter of priority, introduce relevant innovations to complement the disruptive effect of mobile money else they risk being pushed out of business. Until recently, cheque as a means of payment was the most popular and preferred, but data from the Bank…
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BoG directs fintechs and MoMo operators to acquire license by June 2020
The Bank of Ghana has said companies engaged in online or digital transactions including Mobile Money Operators and fintechs, have up to June 2020 to acquire their licenses to enable them operate in the electronic payment space. The acquisition of the license by these companies is one of the requirements in the Payment Systems and…
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Economists urge gov’t to tread cautiously on MoMo tax idea
Some economists are asking government to tread cautiously with the idea to tax Mobile Money transactions. Communications Minister, Ursula Owusu-Ekuful recently hinted at a possible introduction of a tax on MoMo transaction, but some economists say the idea ought to be analyzed carefully not to hurt financial inclusion. The total value of mobile money transactions…
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Taxing mobile money transactions will be double taxation — Terkper
A former Finance Minister Seth Terkper says any taxation levied on fees charged by mobile money operators on transactions would amount to double taxation. Mr. Terkper stated that income earned by MoMo operators are already subject to VAT and any separate tax will be duplication and “punitive” on the companies. In a series of posts…
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Government must tax fees earned by mobile money operators — Ursula Owusu-Ekuful
The Minister of Communications Ursula Owusu Ekuful has argued that it will be appropriate for the government to tax the transaction fees mobile money companies charge when they conduct mobile money transactions. Addressing the press in Accra on the performance of the Common Monitoring Platform operated by KelniGVG, the Communications Minister said mobile money companies…
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MoMo interoperability reaches 1 million monthly transactions in September
The volume of mobile money transactions done across different networks reached one million transactions in September this year, the highest number of transactions reorded in a single month since the service was introduced last year. The latest figure compares to the 312,000 transactions in September 2018, representing an increase of over 250 percent. The update in…
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Western Union partners MTN to allow direct remittance into mobile wallets
Western Union, a leader in cross-border- cross-currency money movement and MTN, a leading provider of telecommunications services in Africa and the Middle East, have come together to enable customers in Ghana to receive Western Union® money transfers into their MTN Mobile Money wallets, giving them convenience at their fingertips. Through this product offering, over 14…
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Revealed: How BoG caught its staff collecting GH¢410,000 bribe in multibillion mobile money contract
The Bank of Ghana on Friday announced that it has dismissed a staff who took bribes to facilitate an award of a mobile money interoperability contract to Sibton Switch. According to the central bank, its employee Gilbert Addy who was the project manager for the interoperability project collected as much as GH¢410,000.00 in bribes and…
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BoG fires staff for collecting bribe in GH¢4.6 billion mobile money interoperability contract
The Bank of Ghana has today dismissed an Official, Mr Gilbert Addy, for gross misconduct in relation to corrupt transactions and for accepting bribes in connection with the award of a contract to Sibton Switch Systems Limited in 2016 by the previous Management of the Bank of Ghana (BoG). A release issued by the central…