On November 19, 2021, at the introduction of the 2021 Budget Statement, Finance Minister Ken Ofori-Atta mentioned the new mobile money fee, which, according to him, is aimed at boosting financial inclusion and protecting the underprivileged.
Many Ghanaians have been irritated by the new initiative, with many resorting to social media to express their displeasure with the new 1.75 percent MOMO fee.
Mobile money payments, bank transfers, merchant payments, and inward remittances will all be subject to the new 1.75 percent MOMO charge, which will take effect on February 1, 2022.
Except for inward remittances, which will be borne by the recipient, the charge will be borne by the transaction’s originator.
Ghanaians will have to brace themselves for the next three months since the electronic transactions tax is here to stay. Below is a visual representation of the new MOMO levies before and after the 2022 budget.