It's illegal for MoMo agents to transfer money to customers - Patrick Frimpong

MTN MOMO MoMo vendor attending to a customer

Fri, 13 May 2022 Source: www.ghanaweb.com

You are only to do cash in and cash out, Patrick Frimpong Danso to MoMo agents

Educate your members, Member of E-Levy Technical Committee to telecommunications networks

Government imposes 1.5% tax on all electronic transactions

Member of E-Levy Technical Committee, Patrick Frimpong Danso, has noted that it is wrong for customers to give out their monies to Mobile Money (MoMo) agents for them to send money to another person on their behalf.

According to him, per the laws of the land, it is illegal for MoMo agents to carry out such operations.

Speaking on UTV Mpu Ne Mpu and monitored by GhanaWeb, Mr Danso noted that agents are only supposed to do cash in as well as allow cash outs for customers.

He called on the telecommunications network operators to educate their members on the law and encourage the transfer of money done by customers.

"The laws of Ghana do not allow that individuals go to an agent for money transfer. It is illegal for agents to do this. The agents are very much aware that taking funds from a customer to transfer to the recipient is illegal. These are the two things customers have to do when they go to an agent; cash in and cash out," he said.

"They’ve told the telcos to educate their members on issues like this and they even told us that the agent risks blocking when caught by the telcos," he added.

It would be recalled that the Finance Minister, Ken Ofori-Atta, on Tuesday, March 29, 2022, moved the motion for the passage of the E-Levy bill at a revised rate of 1.5% in Parliament.

The 1.5% levy is being charged on all electronic transfers above GH¢100.

The tax policy is a move by the goverment to widen the country's tax net.

Government commenced the implementation of the E-Levy on May 1, 2022, despite widespread condemnation of the tax policy.

Since the implementation of the E-Levy on May 1, 2022, some Ghanaians have complained about being charged unlawfully.

Meanwhile, the charging entities for the E-Levy are telecommunications companies, commercial banks, special deposit-taking institutions and Payment Service Providers (PSPs).

Source: www.ghanaweb.com
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