E-Levy: MTN Lowers Peer-to-Peer Transaction Fees by 25%

MTN Ghana is assisting network subscribers with significant reductions in peer-to-peer (P2P) Mobile Money (MoMo) transactions in order to alleviate consumers' financial difficulties. 

The company announced that their 1% transaction fee has been cut by 25%, resulting in a 0.75 percent fee for monies moved. 

It means that if one individual transfers GH200.00 from his wallet to the wallet of another person, the sender will be charged GH1.50ps. Prior to the review, MTN Ghana would have charged the sender the full 1%, or GH2.00 on a GH200.00 transaction.

The MoMo operator has also set a GH7.50ps limit on transactions over GH1000.00. If the amount transferred from one person's account to another person's account exceeds GH1000.00, the debitor will be charged GH7.50ps. 

In other words, if a sender transferred a total of GH2000.00 from her account to a trader's account, the telco's initial charge on the cash would have been GH20.00, or 1%. MTN has cut the cost to a set rate of GH7.50ps, saving the consumer GH13.00 in their wallet. If the individual sent GH1000.00, the 1% fee on the money would have been GH10.00, but the telco claims the charge is still GH7.50ps. 

The corporate entity, on the other hand, said that the charge reductions had no impact on the government-mandated electronic transaction levy (e-levy). 

The telco's action comes at a time when Ghanaians are feeling the impact of the country's faltering economy, with lorry fares rising by 20% on the back of volatile gasoline costs at the pump, which has spilled over into food and other necessities.

Source: Ghanafeed.com

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