BoG to Convene Meeting on Unauthorized Deductions in Mobile Money Transfers

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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.

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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.

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