The government has reduced the Electronic Transfer Levy rate from 1.5% to 1%.
The daily transaction threshold has also been removed.
This, according to the government, will allow more Ghanaians to use the service.
This was announced by the Finance Minister, Ken Ofori-Atta on Thursday, November 24, during the 2023 budget presentation.
“Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to 1% of the transaction value as well as removal of the daily threshold,” Ken Ofori-Atta said.
The Electronic Transfer Levy Act, 2022 (Act 1075) was controversially passed in March 2022 and imposes a levy of 1.5% on electronic transfers.
The 1.5% rate was a downward revision from the initially proposed 1.75%.
Mobile money transactions between 2017 and 2021 increased from ¢1.55 billion to GH¢9.86 billion, but the figure has drastically reduced.