BoG, GRA, telcos and banks meet to address illegal deductions on MoMo transfers

Following recent concerns regarding unauthorized deductions on mobile money transfers, the banking sector regulator, Bank of Ghana, will meet with officials of the Ghana Revenue Authority and stakeholders within the financial sector to address the pressing matter.

The meeting is expected to take place on Tuesday February 6, 2024.

The move comes after mobile money users lodged several complaints over the illegal deductions they are subjected to when making transactions especially after the implementation of the Electronic Transfer Levy.

Sam Nartey George, a Deputy Ranking Member on Parliament’s Communications Committee on his part called on the relevant authorities to urgently address the matter while urging government to also address the composition of the E-Levy and its association charges.

“I still hold the view that the whole implementation architecture of this e-levy is problematic and the government needs to sit down and understand what it wants to do and not be in a hurry. President Akufo-Addo told us he is in a hurry but he is in a hurry to fail and that is exactly what they are achieving,” Sam George told journalists in Parliament on Monday, February 5.

“I am aware there is a meeting where the Bank of Ghana, the Electronic Money Issuers (EMIs) the telcos and the banks are supposed to sit to have a conversation. Because there is a problem with the system that is run. They have the ELMAS system or something. And what is happening is the banks and the EMIs are not doing real-time uploads of data to the ELMAS system”, he added.

Meanwhile, several mobile money users have kicked against the unauthorized charges imposed on transfers particularly from personal bank to personal mobile money accounts.

MA/NOQ

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