How Does Mobile Money Transfer Work?
Mobile money is a digital or online payment platform that allows people to transfer money between cellphone devices. Usually, users can receive, withdraw, and send money without being connected to the formal banking system in place.
The electronic levy (E-LEVY) on all financial transfers will see a substantial increase in charges.
This is a breakdown of how much you will pay after the controversial E-LEVY is implemented.
Remember, the new E-levy charges will be recalculated on the new adjusted 1.75 percentile as far as Mobile Money and other electronic transfers are concerned.
Breakdown of MoMo charges with E-LEVY
MoMo Value Charges w/o E-LEVY Charges with E-LEVY
GH¢150 GH¢1.5 GH¢4.13
GH¢300 GH¢3 GH¢8.25
GH¢500 GH¢5 GH¢13.75
GH¢1000 GH¢10 GH¢27.5
GH¢2000 GH¢20 GH¢45
GH¢5000 GH¢30 GH¢97.5
Source: frencheducationgh.com