Implementation of e-levy could pose security threats to MFIs, 'susu' collectors – Analyst

Parliament has rejected the 2022 budget statement

The e-levy has been widely criticised

Lawmakers want a review of taxes imposed in 2022 budget

Samuel Adomako, a Systems Analyst has bemoaned the decision by government to introduce a levy on all electronic transactions.

Finance Minister, Ken Ofori-Atta when delivered the 2022 budget statement before Parliament announced a 1.75 percent levy on e-transactions covering mobile money, bank transfers and other payments.

The move which has however been met with some discontent and subsequent rejection of the 2022 budget by parliament has left many to wonder the next line of action.

In an interaction with JoyBusiness, Samuel Adomako believes the policy when approved, could pose serious security threats especially to micro-finance institutions and ‘susu’ collectors.

“Micro-finance, credit unions and Susu collectors will suffer deeply from the E-levy policy. Because, when they mobilize their daily transactions, they take it to the main banks. The 1.75% E-levy charge would preempt them from depositing their accrued monies at the banks. These extra charges will cause them to incur losses,” he explained.

“As such, they may be enticed to keep the monies to themselves rather than saving them at the banks, and this could pose security threats on them,” Adomako added.