Mobile Money is a technology that allows people to receive, store and transact business on a mobile phone device.
It is sometimes referred to as a 'Mobile Wallet' or by the name of a specific service such as MTN Mobile Money, AirtelTigo Cash, and Vodafone Cash.
There are more than 270 different mobile money services around the world, although they are most popular in Africa, Asia, and Latin America.
In Ghana, Mobile Money (MOMO) transactions have become popular since it covers mostly, the unbanked population and is now a better alternative to both cash and banks because it is safer, convenient, easy to use, secure and can be used anywhere through a mobile phone signal.
From all indications, the MOMO service has bridged a major financial gap across the world.
All MOMO transactions attract direct charges hence it may sound quite unreasonable should the government introduce anything like MOMO Tax.
It is against this background that some MOMO operators and members of the general public have warned the Finance Minister Ken Ofori Atta not make any attempt or move any agenda to introduce MOMO Taxes.
The Finance Minister will go to parliament tomorrow Wednesday, November 13th to present the national budget statement for the 2020 Electioneering year.
There are concerns among Ghanaians that MOMO transactions are likely to attract some new taxes.
According to the public, they will be highly inconvenienced and overtaxed should the ruling New Patriotic Party (NPP) government announce this tax.
“We are already making peanuts and you want to come and share the same peanuts with us through this medium of nuisance MOMO Taxes. My brother it will never work,” a MOMO Operator, who gave her name as Afua Bannie told Hbtvghana.com.
Another MOMO Operator, Saliu Ahmed, had this to share:
“Already, we don’t make any extra-ordinary profit from Mobile Money and you want to come and tax us; In fact, it will be one of the most unpopular decisions by the government and I believe the citizens will rise against this tax policy on MOMO.”
“My finances are mainly dependent on MOMO so I don’t remember the last time I went to the bank. I am a trader and I want to see my money closer to me than anything so MOMO has filled that gap. I believe the government is aware of what benefit the citizens are deriving from this major financial service that is why they even supported the system by creating the interoperability option for inter-related money transfers. If they introduce the MOMO Tax, it won’t be easy for some of us. It will be a huge burden,” Mercy Nyaney said.