Thursday, February 22, 2024

Mobile Money E Levy Charges: What are they? How do I calculate them?

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Mobile Money E Levy charges are levied by the Ghana Revenue Authority when customers transfer money from their Momo wallet to another mobile money wallet or other financial institution.
On March 29th, 2022, Parliament introduced and approved E Levy, which took effect on May 1st 2022. This article will explain how to calculate E Levy charges and avoid paying them.

Also Read: How To Buy Waec Result Checker With Vodafone Cash

What is Mobile Money E Levy Charges?

Mobile Money E Levy Charges are electronic Transaction Levy (commonly known as Electronic Levy or E-levy), a 1.5% tax applied on transactions made on electronic or digital platforms like Mobile Money. The E-Levy is 1.5% of all cumulative daily transfers of more than GHS 100. For example, if a person sends GHS 50 for the first time during the day and then sends another 50 (totaling GHS 100), they will not be charged.
However, any amount transferred after that on the same day will be charged with the E-Levy.

To calculate the E-levy charge when sending money with Vodafone Cash, you can use the E-levy calculator by clicking here. The chart below gives you an idea of the charges you will pay if you are using MTN or AirTelTigo

Mobile Money E Levy Charges
Mobile Money E Levy Charges

How To Avoid the E Levy ChargesĀ 

To avoid paying the E-levy charge, you can use the below list of tricks to avoid paying the killer tax imposed by the Ghana Revenue Authority.

  • There are no E-levy charges on Cheques. 
  • Spend less than GHC 100 on your receiver daily until the entire amount you intend to send is evacuated. For example, if you wish to pay GHS 500 to someone, start by sending GHS 50 – 100 every day until the receiver of the GHC 500 is paid in full.
  • You can also go to a Merchant to do cashout directly from the sender or receiver.

Conclusion

The E-levy is applied to transactions including mobile money payments, bank transfers, and unregistered merchant payments. It is advisable for everyone to pay taxes to help develop the country.

Collins Tagoe
Collins Tagoehttps://extratrendsgh.com/
Collins Tagoe is a passionate Tech guy and a Digital Marketing Expert who drives online success with a proven strategy, compelling content, and data-driven solutions; I collaborate with brands to boost their online presence and achieve accurate results. I first found Kpoyagahack. My experience as an acclaimed blogger, social media manager, and digital marketer enables me to showcase my unique value through creative and technical expertise in the Latest internet trends, making money online tips, and Loan reviews. I am a dedicated person for news updates in my chosen niche. Whether you need help with content creation, social media growth, ad campaigns, or an integrated digital strategy, I've got the skills and vision to help your brand thrive.

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