Although it is observed that on a year-on-year basis, most of these transactions recorded an increase in value and volume between January last year and January this year, the figures decreased on a monthly basis. These reductions seem to be a result of reactions to the proposed electronic transfer levy, as government communications had earlier confirmed a reduction in the volumes if the tax policy is approved. The value of MoMo transactions in January this year, for instance, saw an eight percent decrease from the GHS82.9 billion recorded during the festive period to a record GHS76.2 billion. The number of MoMo transactions also saw a drop from 401 million in December to 372 in January this year. Mobile Money Interoperability also saw a 15 percent drop in volume from 12.2 million in December to 10.3 million in January. Even Ghana Interbank Payment and Settlement Systems (GHIPPS) Instant Pay, which has constantly seen a rise in volume over the past months saw a 14 percent decrease from 5,375 to 4,620. Players in the industry have hence predicted more decreases in the volumes and value of electronic transactions should the government go ahead to implement the electronic transfer levy.

As part of efforts towards increasing pension penetration in the country, the Social Security and National Insurance Trust (SSNIT) says it plans on roping in about one million contributors from the informal sector in the next year.

The Director-General of SSNIT, Dr Ofori Tenkorang, stressed that his outfit was confident of achieving this set target while changing the existing narrative.

“From our own data you find out that out of all the people that are in the informal sector who could have enrolled on our pension scheme, there’s only about some 14,000 who have signed up, which is very, very minimal. So, the terrain is wide open and this program that we are embarking on, my hope is that maybe a year after we have rolled out this campaign, we can get as much as about a million people.”

He added that “I know it’s a very aggressive target because people need to buy into the idea that they too can join this scheme. People need to disabuse themselves of the notion that giving your money to SSNIT is a waste, especially people in the informal sector who feel that they need the money now, not for some time later, which for them sometimes they think will never come.”

Mr. Tenkorang was speaking to the media on the sidelines of a stakeholder engagement on the national pension scheme provider’s planned campaign to extend coverage to the informal sector.

Out of the over 11 million workers in the country, less than 2 million of them are active SSNIT contributors.

However, the informal sector dominates the yet to be registered fraction.