New MOMO charges before and after 2022 budget

mobile money

New MOMO charges before and after 2022 budget.

On Wednesday, November 17, 2021 at the introduction of the 2021 Budget Statement, Finance Minister Ken Ofori-Atta mentioned the new mobile money fee, which he claims is aimed at increasing financial inclusion and protecting the underprivileged.

The new idea has infuriated many Ghanaians, with many resorting to social media to express their opposition to the new 1.75 percent MOMO fee.

The new 1.75 percent MOMO charge, which takes effect on 1 February 2022, will apply to all transactions involving mobile money, bank transfers, merchant payments, and inward remittances.

The charge will be payable by the originator of the transactions, except for inward remittances, which will be borne by the recipient. Transactions up to GH100 (US$ 16) each day are exempt.

Ghanaians will have to brace themselves for the next three months because the electronic transactions tax is here to stay. Below is a visual representation of the new MOMO charges before and after the 2022 budget.

New MOMO charges before and after 2022 budget

New MOMO charges before and after 2022 budget

In other related news…

NPP’s Ursula Owusu has lambasted Ghanaians who are crying and screaming about the contentious 1.75% E-levy tax that is yet to be introduced by the current NPP government helmed by Nana Addo.

Ursula Owusu has claimed that If you’re able to transfer 100 cedis you must be taxed as a Ghanaian.

According to Ursula Owusu, any Ghanaian who is able to transfer 100 cedis or more is not impoverished ergo shouldn’t protest if the government wants to tax him/her.

Speaking in an interview on GH One TV, the NPP firebrand also indicated that the government changed its mind regarding taxing mobile money transactions because the technology has increased in popularity and many people feel comfortable using it, hence it was only right that charges be levied.

Ursula Owusu further went ahead to forecast that about 600 million will be made every month to assist boost the economy and alter the country from the E-Levy.

She withdrew these submissions in order to support Dr. Bawumia, who had stated earlier in an interview with Kwame Sefa Kayi that MOMO should not be charged because the vast majority of its users are impoverished.

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