Do you know how the E-Levy charges are showing in Momo Transfers services already? Well, it is interesting and strange at the same time.
If you have not yet sent any funds through your Mobile Money wallet, it is important that you get to know the kind of information that will greet you before you send any funds.
When you process any payment or transfer through your mobile money wallet, the system will show you the following details ahead of you keying in your four-digit wallet Pin to send the money.
#1. The amount to be sent to the recipient will show along with the name of the receiving client.
Thus, for example, “Payment made for GHS 81.00 to – Mensah Musah”.
#2. This will be followed by your balance in your wallet after the transaction. E.g. Current Balance: – GHS500.18. Available Balance: – GHS 500.18. This is the balance after all the necessary deductions have been made in addition to the amount you are transferring. You will see your reference and transaction ID.
#3. Now to the most important part. Instead of seeing the usual transaction fee or charges, you will see two different charges.
The first is the Fee charged, which is the amount the Telcos charge you for using their system to transfer the money. If you transfer GHS100.00 or less, your Fee Charge is GHS 0.00.
The second and new introduction is the E-Levy tax of 1.5% of the money you are transferring. The tax is shown as TAX charged on your phone instead of E-Levy. A transfer of GHS100.00 or below attracts GHS 0.00 TAX charge.
So if you transfer let’s say GHS81.00 and your balance before you initiated the transfer was GHS500.18, the message that will pop up before you key in your Momo pin to send the message will read.
How E-Levy is showing in Momo Transfers
Once you complete a payment, let’s say your first transfer of GHS100.00 or below, your Momo transaction message will read…
“Payment made for GHS 81.00 to – Mensah Musa Current Balance: – GHS 419.18 . Available Balance: – GHS 318.18. Reference: blog. Transaction ID: 1******1545. Fee charged: GHS 0.00 TAX charged: GHS 0.00.”
If you transfer GHS200 for the first time in the day through MOMO out of let’s say your GHS500.18 money in your wallet, expect to see the following.
Payment made for GHS 200.00 to – Mensah Musa Current Balance: – GHS 296.11. Available Balance: – GHS 296.11 Reference: 12521. Transaction ID: 1******1545. Fee charged: GHS 1.50 TAX charged: GHS 2.57.
This means your total charges for sending the next GHS200.00 after the first GHS100.00 is GHS4.07 (1.50 +2.57). The 2.57 charge is equal to 1.375% instead of the 1.5% to be charged. What happened to the difference of 0.125%? This is very strange unless the rate has been further slashed to 1.375% from the 1.5%. The Elevy charge for sending GHS200.00 should be GHS3.00 while the total cost of the transaction should add up to GHS4.5.
The E-Levy charges are showing in Momo Transfers but why the reduction in the charge? Is it an error? Share your thoughts on the above.
Read Banks Give Final Update Ahead of E-levy Implementation and The E-levy and the unhealthy state of Ghana’s economy to update your knowledge on the E-levy which took effect today, 1st May 2022.
Source: Ghanaeducation.org
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