{"id":754601,"date":"2019-11-29T07:35:44","date_gmt":"2019-11-29T07:35:44","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/29\/mobile-money-gain-over-70-trust-in-ghana-afrobarometer\/"},"modified":"2019-11-29T07:35:44","modified_gmt":"2019-11-29T07:35:44","slug":"mobile-money-gain-over-70-trust-in-ghana-afrobarometer","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/29\/mobile-money-gain-over-70-trust-in-ghana-afrobarometer\/","title":{"rendered":"Mobile Money gain over 70% trust in Ghana – Afrobarometer"},"content":{"rendered":"

<\/p>\n

\n
\"MOMO\"<\/div>\n

Afrobarometer Report on public confidence in the safety of
\nGhana\u2019s financial institutions, following the clean up in the sector, indicates
\nover 70% of Ghanaians trust mobile money than other financial institutions.<\/p>\n

The Report, put together\u00a0
\nby CDD-Ghana, noted that in spite of the clean up, 83% of Ghanaians
\nstill trust in banks, but the reputation of savings and loans, microfinance and
\ntraditional susu companies has declined considerably.<\/p>\n

Only 8% of the 2,400 Ghanaians surveyed said they will save
\nwith savings and loans; another 8% trust in traditional susu, while 7% says
\nthey still trust microfinance companies.<\/p>\n

Meanwhile, some 11% say they would rather keep their moneys
\nat home instead\u00a0 of saving with any
\nfinancial institution.<\/p>\n

But even though mobile money is about the latest addition to the options in the financial sector, a whopping 72% of respondents say they either trust it fully or trust it somewhat.<\/p>\n

\"mobile<\/figure>\n

MoMo Stats<\/p>\n

Public confidence in Mobile Money is indeed aptly reflected
\nin the subscription, and transaction volume and value figures released by the
\nTelecoms Chamber recently.<\/p>\n

The figures indicate that currently, there are 13 million
\nactive mobile money wallets, doing 4 million transactions daily, and the
\nbalance of cash floating on the mobile money platform is a whopping GHC2.6
\nbillion at any point in time.<\/p>\n

The Chamber also noted that last year alone, the telecom
\noperators paid GHC2.2 billion in taxes, and that included taxes on the revenue
\nthey make from mobile money services.<\/p>\n

Afrobarometer Monitoring and Evaluation Officer at
\nCDD-Ghana, Samuel Adusei Baaye told Adom News Mobile Money is clearly a key
\ndriver of financial inclusion and needs to be protected from fraudsters and
\nfrom over taxation.<\/p>\n

He said plans by the Communications Ministry to tax mobile
\nmoney fees of the telcos is a threat to the growth of the service and its role
\nin boosting financial inclusion.<\/p>\n

Samuel Adusei Baaye argued that whatever tax government
\nplaces on the mobile money earnings of telcos will be transferred to customers
\nand that can discourage usage of the service and thus affect financial
\ninclusion negatively.<\/p>\n

MoMo earnings<\/p>\n

The Communications Minister, Ursula Owusu Ekuful has said
\nher target is not to burden customers with taxes on mobile money services, but
\nto tax the estimated GHC71 million services charges that telcos earn from
\nmobile money every month.<\/p>\n

But she, herself, admitted that her colleague Finance
\nMinister, Ken Ofori- Atta disagrees with her call for the state to tax the
\nearnings of telcos from Mobile Money outside of what they already pay as part
\nof their taxes on all their revenue streams.<\/p>\n

The CDD-Ghana official says he agrees with the position of
\nthe Finance Minister, because \u201cwe are already grappling with the 9%
\nCommunications Service Tax (CST) so adding on another tax will not be good for
\nmobilising funds into the financial sector for national development.\u201d<\/p>\n

He believes the more affordable Mobile Money services are,
\nthe higher the potential for it to mobilize more money into the financial
\nsector, which can then be accessed by companies to expand and create more jobs
\nand impact lives directly.<\/p>\n

\u201cIt is understandable that government needs to find
\ninnovative ways to generate revenue for development, but taxing mobile money
\nearnings of telcos in addition to what they already pay would only affect
\ncustomers in the long run and make the country lose the financial inclusion
\nbattle,\u201d Samuel Adusei Baaye said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Afrobarometer Report on public confidence in the safety of Ghana\u2019s financial institutions, following the clean up in the sector, indicates over 70% of Ghanaians trust mobile money than other financial institutions. The Report, put together\u00a0 by CDD-Ghana, noted that in spite of the clean up, 83% of Ghanaians still trust in banks, but the reputation […]<\/p>\n","protected":false},"author":1,"featured_media":744909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-754601","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nMobile Money gain over 70% trust in Ghana - Afrobarometer - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/11\/29\/mobile-money-gain-over-70-trust-in-ghana-afrobarometer\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Mobile Money gain over 70% trust in Ghana - Afrobarometer - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Afrobarometer Report on public confidence in the safety of Ghana\u2019s financial institutions, following the clean up in the sector, indicates over 70% of Ghanaians trust mobile money than other financial institutions. 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