Mobile money has improved the efficiency of money transactions

Parliament is now waiting on President Akufo-Addo to give his assent to the Electronic Transfer Levy (E-Levy) Bill.

A Majority-sided House approved the E-Levy after the Minority which has opposed the levy staged a walked out.

The Bill was adopted at a reduced rate of 1.5% from the initial 1.75%.

Parliament now awaits the President’s assent to move on with the legislation.

Below is a list of transactions to be affected and exempted when the implementation kicks in.

Transactions E-Levy will cover

E-Levy passed: Full list of transactions to be affected and exempted
  • Mobile money transfers between accounts on the same electronic money issuer (EMI)
  • Mobile money transfers from an account on one EMI to a recipient on another EMI
  • Transfers from bank accounts to mobile money accounts
  • Transfer from mobile money accounts to bank accounts
  • Bank transfers on a digital platform or application which originate from a bank account belonging to an individual to another individual

Transactions E-Levy will NOT cover

The Finance Ministry has also highlighted some scenarios where the E-Levy will not apply. They are:

  • Cumulative transfers of GHC100 per day made by the same person
  • Transfers between accounts owned by the same person
  • Transfers for the payment of taxes, fees and charges on the platform
  • Electronic clearing of cheques
  • Specified merchant payments (that is, payments to commercial establishments registered with the GRA for income tax and VAT purposes)
  • Transfers between principal, master agent and agent’s accounts