1. Ghanaians Urged to Embrace e-Payment as a lifestyle in 2020
  2. Ghana’s Payment System Is Challenged-Kweku Adoboli
  3. Dangers Of Large Currency Denomination Notes
  4. Bank of Ghana Introduces Higher-Denomination Banknotes and Coins
  5. Fintechs and MoMo Operators to Acquire License by June 2020-BoG
  6. GCB Bank To Issue Electronic Money
  7. Digitization Key to Formalizing Ghana’s Economy
  8. Google to Offer Checking Account
  9. Mobilemoney Interoperability Crosses GH¢90 billion
  10. Ghana to Launch a Universal QR-Code For Payments
  11. AirtelTigo Appoints New CEO
  12. Wirecard Acquires Chinese Payments Group for €109m
  13. Apple Pay Tops Mobile Payment Apps
  14. Verve Cards Launched in Ghana
  15. Ransomware Hits Billtrust
  16. The Catholic Church Launches Digital Rosary
  17. Payments Systems and Services Bill Passed
  18. GTBank Launches Virtual Cards to Promote Online Shopping
  19. MTN Ghana: “More Taxes Would Injure The Mobile Money Sector
  20. PwC Unveils New Tool For Auditing Crypto Transactions
  21. Bitcoin on Track For Best Second Quarter Price Gain
  22. Mobile Money Operators to Face Minimum Capital Requirement-Bank of Ghana
  23. Facebook Moves Towards Payments and E-commerce
  24. BoG to Enforce Rules on Cash Declaration at Kotoka International Airport
  25. India Moves to Ban Cryptocurrencies
  26. Fintech: Redefining Payments in Africa
  27. Ghana’s Tax Filing To Go Digital
  28. MTN Deepens Financial Inclusion For Women In Ghana
  29. Apple Launches a New Credit Card
  30. IT Consortium Is ISO 27001:2013 certified
  31. 8 Services You Don’t Know Exist On MTN Mobile Money
  32. Second phase of mobile money interoperability launched
  33. African Banks Must Work With Fintech Startups
Wednesday, January 29, 2020
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  1. Ghanaians Urged to Embrace e-Payment as a lifestyle in 2020
  2. Ghana’s Payment System Is Challenged-Kweku Adoboli
  3. Dangers Of Large Currency Denomination Notes
  4. Bank of Ghana Introduces Higher-Denomination Banknotes and Coins
  5. Fintechs and MoMo Operators to Acquire License by June 2020-BoG
  6. GCB Bank To Issue Electronic Money
  7. Digitization Key to Formalizing Ghana’s Economy
  8. Google to Offer Checking Account
  9. Mobilemoney Interoperability Crosses GH¢90 billion
  10. Ghana to Launch a Universal QR-Code For Payments
  11. AirtelTigo Appoints New CEO
  12. Wirecard Acquires Chinese Payments Group for €109m
  13. Apple Pay Tops Mobile Payment Apps
  14. Verve Cards Launched in Ghana
  15. Ransomware Hits Billtrust
  16. The Catholic Church Launches Digital Rosary
  17. Payments Systems and Services Bill Passed
  18. GTBank Launches Virtual Cards to Promote Online Shopping
  19. MTN Ghana: “More Taxes Would Injure The Mobile Money Sector
  20. PwC Unveils New Tool For Auditing Crypto Transactions
  21. Bitcoin on Track For Best Second Quarter Price Gain
  22. Mobile Money Operators to Face Minimum Capital Requirement-Bank of Ghana
  23. Facebook Moves Towards Payments and E-commerce
  24. BoG to Enforce Rules on Cash Declaration at Kotoka International Airport
  25. India Moves to Ban Cryptocurrencies
  26. Fintech: Redefining Payments in Africa
  27. Ghana’s Tax Filing To Go Digital
  28. MTN Deepens Financial Inclusion For Women In Ghana
  29. Apple Launches a New Credit Card
  30. IT Consortium Is ISO 27001:2013 certified
  31. 8 Services You Don’t Know Exist On MTN Mobile Money
  32. Second phase of mobile money interoperability launched
  33. African Banks Must Work With Fintech Startups

A lot of literature and academic studies is available on the need for African countries to collect more tax revenue from citizens and businesses. The IMF has been imploring sub-Saharan countries to focus on expanding and diversifying their tax bases. Consequently, there’s also a growing trend of governments in Africa looking to tax the fastest-growing sector of the past two decades: the Mobile Money Sector.

Some countries have already experienced the repercussions of the implementation and increase in tax on Mobile Money services. Uganda saw a drop of about 33 percent in the adoption of mobile money services in three months and a revenue loss of USD 1.2 billion when the government imposed taxes on the industry. A number of workers and unions who receive wages through Mobile Money even resorted to demonstrations. The country has subsequently scrapped 3 out of the 4 levies imposed on mobile money transactions, namely depositing, sending and receiving cash. On July 16, 2019, the tax imposed on Mobile Money withdrawals was also reviewed downwards from 1% to 0.5%.

Mobile Money’s importance in the drive towards achieving a cashless economy cannot be overlooked, especially in developing countries. MTN Ghana believes that the imposition of additional taxes on mobile money service will negatively impact the industry,  and Ghanaians would be forced to resort to cash transactions. Eli Hini, the General Manager of Mobile Money at MTN Ghana said high taxes would stifle innovation, growth and financial inclusion, as well as derail the government’s cash-light and digital payment agenda.

At a forum in Accra, Hini mentioned that the relevant taxes are already being paid by customers who use mobile money service just like any other means of payment, and that all the operators in the mobile money value chain paid taxes on their business operations. The implementation of additional taxes would cause a negative ripple effect on the service, as well as other related industries, he said.

Hini also stated that the current mobile money wallet size of GHS 2,000 was too small and he entreats the Bank of Ghana (BoG) to review it upwards.

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