Accra, Ghana, August 7, 2019//-Stakeholders of Ghana’s Mobile Financial Services (MFS) sector have warned that any additional tax on that sector would stifle the country’s economic growth.
According to them, the burgeoning MFS sector has multiplier effects on all the other sectors of the Ghanaian economy.
The MFS stakeholders gave the warning at the second edition of MTN MoMo @ 10 Stakeholder Forum held in Accra today.
The General Manager of Mobile Financial Services at MTN Ghana, Eli Hini added that a singletax decision on the MFS sector could affect other sectors including insurance, health, and finance.
GSMA’s Head of Sub-Saharan Africa also of the view that additional tax on MFS providers would discourage investments into the sector.
For the Head of Research Department at the Bank of Ghana (BoG), Philip Abradu-Otoo, said the decision to impose additional tax on the sector is in the hands of the fiscal authority (government) and not that of the monetary authority (BoG).
The MFS sector which began in Ghana by Scancom Plc, operators of MTN Ghana in 2009, now boasts of over 32.6 million users, with competitors such as Vodafone Cash, and AirtelTigo Money.
MTN Mobile Money, a subsidiary of MTN Ghana which is the first to launch mobile money operations on July 21st 2009 is celebrating its 10th anniversary in the West African country.
Launched with two main services namely Money Transfer and Airtime Purchase, the platform has six major categories of financial transactions under which varying services are provided. These are pensions, insurance, Savings, micro loans, international remittances and banking options.
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