Minority Caucus Demands Total Abolition of 0.75% MoMo Transaction Fees

The Minority in Parliament is intensifying its opposition to digital financial levies, calling for a complete and permanent cancellation of the proposed 0.75% fee on MoMo transactions.

The opposition caucus asserts that any charges applied to wallet-to-bank or bank-to-wallet transfers are illegal unless they have been explicitly sanctioned through an Act of Parliament. This ongoing dispute highlights broader concerns about the regulation of digital financial services and the protection of consumer interests in Ghana’s evolving economy.

Why does the Minority reject the current fee structure?

Minority Leader Alexander Afenyo-Markin has criticized the recent emergency directive from the Bank of Ghana—which only suspended the fees pending further consultations—as an insufficient response to public concerns. He argues that attempting to introduce levies that function like taxes without parliamentary approval is a direct violation of the Constitution.

The Minority’s primary objections include:

• The opposition believes the Bank of Ghana must completely dismantle the entire policy framework that allows for these MoMo charges.
• Afenyo-Markin contends that bypassing Parliament to impose such levies undermines both constitutional procedures and public trust.
• The caucus is pushing for the Attorney-General to provide a formal constitutional interpretation regarding the legality of fintech operators imposing tax-equivalent fees without oversight.

What are the next steps demanded by the opposition?

The Minority has officially requested that the Finance Minister appear before Parliament to provide a detailed explanation regarding the origin and approval process of the now-suspended MoMo charges. Furthermore, the group has issued a stern warning concerning potential executive involvement in the policy’s development.

• If subsequent investigations confirm that the executive branch was involved in the proposed fees, the Minority insists that the government must issue a formal apology to the Ghanaian public.
• The opposition remains committed to preventing the implementation of any MoMo charges that lack the necessary legislative oversight from the House.

Currently, the Bank of Ghana has not provided a substantive public response to these escalating demands from the Minority caucus. As this situation develops, many Ghanaians remain uncertain about the future cost of their digital financial transactions and whether further MoMo fees will eventually be enforced.

Also Read: Bank of Ghana Halts Scheduled 0.75 Percent MTN MoMo to Bank Transaction Fee

Source: ghananewspage.com