New MOMO charges before and after 2022 budget.
On Wednesday, November 17, 2021 at the introduction of the 2021 Budget Statement, Finance Minister Ken Ofori-Atta mentioned the new mobile money fee, which he claims is aimed at increasing financial inclusion and protecting the underprivileged.
The new idea has infuriated many Ghanaians, with many resorting to social media to express their opposition to the new 1.75 percent MOMO fee.
The new 1.75 percent MOMO charge, which takes effect on 1 February 2022, will apply to all transactions involving mobile money, bank transfers, merchant payments, and inward remittances.
The charge will be payable by the originator of the transactions, except for inward remittances, which will be borne by the recipient. Transactions up to GH100 (US$ 16) each day are exempt.
Ghanaians will have to brace themselves for the next three months because the electronic transactions tax is here to stay. Below is a visual representation of the new MOMO charges before and after the 2022 budget.
New MOMO charges before and after 2022 budget