BoG to Convene Meeting on Unauthorized Deductions in Mobile Money Transfers

-


In response to mounting concerns surrounding unauthorized deductions observed in mobile money transactions, the Bank of Ghana, the regulatory body overseeing the banking sector, is set to engage in discussions with officials from the Ghana Revenue Authority and various stakeholders within the financial landscape to address this critical issue. 

The scheduled meeting is slated to occur on Tuesday, February 6, 2024, reflecting the urgency of the matter at hand.

Related To This: Do Not Engage In Money Transaction With These Organizations - BoG Warns

Addressing Mobile Money Grievances

The initiative to convene this joint session follows a wave of complaints from mobile money users regarding illicit deductions, particularly in the aftermath of the implementation of the Electronic Transfer Levy. Reports of unauthorized fees levied during transactions have triggered significant unrest among users, prompting swift action by regulatory authorities to investigate and rectify these irregularities.


Calls for Urgent Resolution

Sam Nartey George, a Deputy Ranking Member on Parliament's Communications Committee, has urged swift action from relevant authorities to address the prevalent issue. Additionally, he highlighted the necessity for the government to reassess the composition of the E-Levy and its associated charges, advocating for a more transparent and consumer-centric approach in managing financial transactions.

Critique on E-Levy Implementation

George expressed reservations regarding the implementation framework of the E-Levy, emphasizing the need for a comprehensive understanding of its operational dynamics and implications. He cautioned against hasty decisions, citing concerns over rushed initiatives potentially leading to suboptimal outcomes. His remarks underscored a broader sentiment of caution and deliberation in policymaking processes.

Related To This: Banks Could Strengthen Capital Position with Retained Earnings - GCB Capital

George also shed light on operational deficiencies within the system, pointing out gaps related to data uploads to the Electronic Money Ledger and Accounting System (ELMAS). The need for seamless real-time data synchronization among banks, Electronic Money Issuers (EMIs), telcos, and other relevant stakeholders was emphasized as a crucial step in enhancing transparency and efficiency within the mobile money ecosystem.

Comments

Post a Comment

Popular posts from this blog

Taxes Now Serve as Punishment to Businesses - Mark Badu-Aboagye

-
Image
The Ghana Chamber of Commerce and Industry's CEO, Mark Badu-Aboagye, has expressed grave concerns about the growing burden of direct and indirect taxes placed on the country's enterprises.  During an open discussion on JoyNews' PM Express, Mr. Badu-Aboagye brought attention to the mounting difficulties that businesses are facing in light of rising expenses and financial commitments, especially with regard to tax responsibilities. Related To This: Akufo-Addo's Imposed Tax Policies Will Make The Next President Suffer - Franklin Cudjoe Mr. Badu-Aboagye expressed his dismay and emphasized the unsettling consequences of the existing tax structure, describing it as harsh and onerous for companies aiming for expansion and sustainability.  He underlined, saying, "I believe that rather than helping businesses, our taxes now serve as a punishment to them. This is because they expect you to pay, but we are unable to. They are beating us but they are telling us to keep quiet.&
Read more

GJA Calls For Media Blacklist on Yendi MP for Allegedly Assaulting Journalist

-
Image
In response to allegations of assault against Mohammed Aminu M. Alabira, the Northern Regional Correspondent for Citi TV, the Ghana Journalists Association (GJA) has called for a national media boycott of Farouk Aliu Mahama, the Member of Parliament for Yendi. Important industry actors have endorsed the GJA's directive: the Media Foundation for West Africa (MFWA), the Private Newspaper Publishers Association of Ghana (PRINPAG), and the Ghana Independent Broadcasters Association (GIBA). Related To This: Hawa Koomson Threatens to Sue GJA President Over Assault Allegations The coalition asked all media outlets to uphold Farouk Aliu Mahama's blacklisting till further notice during a joint press conference on Tuesday, February 6. The media professionals were put at serious risk due to the MP's purported connections to those who could potentially pose a threat to journalists. The groups emphasized, "All media houses must refrain from providing any coverage, interviews, or a
Read more

Use Emission Tax Funds to Support EPA - Professor Kofi Amegah

-
Image
The University of Cape Coast's renowned environmental and nutritional epidemiology lecturer, Professor Kofi Amegah, has suggested that money from emission levies be used to support environmental protection organizations.  During his February 1 appearance on The Pulse on JoyNews, Professor Amegah emphasized how vital it is to improve the Environmental Protection Agency's (EPA) capacity to efficiently track pollution levels and strengthen environmental conservation measures. Related To This: Implementation of Emissions Levy Act Commences Today Professor Amegah emphasized the need to reallocate a portion of the proceeds from the emission tax in order to relieve the EPA's budgetary constraints, given its limited resources. He highlighted that such support would enable the acquisition of reference-based monitors, which, when installed in urban areas, can furnish essential data vital for formulating effective air pollution control policies. Additionally, the resulting data would
Read more