Abort Any Plans To Cancel E-Levy! GRA Cautions Stakeholders
Ghana's digital ecosystem week in review: NCA To Regulate Telecom Tariffs, MTN Ghana records GH¢4billion profit in 2023, Govt to set up Fintech Innovation Fund, MTN MoMo Mastercard,
Accra Digital Digest No. #110010
Date: Feb 26th - March 1 2024.
Dear Friends,
Happy new month!🎉 Here are the most important news, perspectives, analysis, and insights about the Ghanaian digital ecosystem from last week.
Digital governance
News updates
NCA To Regulate Telecom Tariffs Due To MTN’s SMP Status
Despite declaring MTN an SMP, the other small telcos have failed to catch up and MTN seems to be growing at a faster rate now than in the pre-SMP era. The National Communications Authority (NCA) is therefore gearing up to start regulating the frequency with which telcos adjust their tariffs in the country, requiring MTN to not price any of its product or services below that of other telcos. The public has up to March 8, 2024 to make their voices count on this matter.
The Ghana Revenue Authority (GRA) in collaboration with the International Centre for Tax and Development (ICTD) has held a workshop in Accra to discuss the taxation of mobile money and its effects on the economy. This Collaboration between GRA and ICTD has been going on since November 11, 2022, after signing a Memorandum of Understanding (MOU), which would enable both entities to undertake research and support GRA’s research capacity to improve tax mobilization.
GRA Urges Continued Support For E-Levy Amid Revenue Success
The Ghana Revenue Authority (GRA) has emphasized the importance of sustaining the Electronic Transaction Services Levy (e-levy), citing its significant contribution to the nation’s revenue. With the e-levy generating GH₵1.19billion in 2023, surpassing its target by GH₵83.15million, the GRA has urged stakeholders to refrain from plans to cancel the levy.
Digital infrastructure and platforms
MTN Ghana blocks 4.8 million users
MTN Ghana blocked 4.8 million subscribers who failed to re-register their SIMs with the Ghana card, reporting that its subscriber base decreased by 6.3% to 26.8 million at the end of 2023. The blocking is in compliance with the directive from the National Communications Authority.
MTN Ghana records GH¢4billion profit in 2023; company to pay GH¢0.175 per share as dividend
Despite a challenging economic environment in Ghana marked by high inflation and currency depreciation, Scancom PLC, known as MTN Ghana, reported a successful year in 2023 announcing a profit of GH¢3.98 billion cedis and declared a dividend of GH¢0.175 per share in its audited 2023 Financial Report.
IC launches app to facilitate trade on the GSE
Ghanaian investment conglomerate, IC Group, has unveiled a mobile application which will allow investors to access a range of services offered by the company, including the ability to trade shares on the Ghana Stock Exchange (GSE). The app, which was introduced during an IC Liquidity Fund Investor Call on February 29, comes two and half years after the company launched a web trading platform.
Glo Turns To Business Outsourcing After Ghana Exit
Just about a month after Glo shutdown its network in Ghana and laid off some 79 workers under very questionable circumstances, the Nigeria telco leveraging it’s technology and expertise has introduced a strategic business solution- “Glo Outsource Pro” which enables companies to delegate specific operational activities, such as customer support, finance and accounting, IT services, human resources, and supply chain management to the telco.
Digital finance
News updates
MTN Group Fintech and Mastercard Sign Agreement To Issue Payment Cards For MTN MoMo Users
Mastercard and MTN Group Fintech have signed an agreement to provide all MTN MoMo customers with payment card stating that a virtual and physical Mastercard companion card would be added to every MoMo wallet, allowing users access to over 100 million acceptance locations globally.
Ghipss In 2023 Recorded GH₵629.5 Billion Transactions
Ghana Interbank Payments and Settlements Systems (GhIPSS) recorded a total of GHS629.5 billion in transaction value from 312.9 million transaction in 2023 as contained in the first quarter 2024 edition of GhIPSS Update newsletter.The breakdown would show that the instant pay services at GhIPSS, dominated by fintech activities, are becoming the main stay of the platform.
Govt to set up Fintech Innovation Fund — Dr Bawumia
VP of Ghana Dr. Mahamadu Bawumia at the 3i Africa Summit, a fintech festival has said the Government would set up a FinTech Innovation Fund to support fintech startups as well as small and medium-scale businesses to increase innovation, and drive Ghana's digital revolution.
Digital entrepreneurship
News updates
Digital talents
News updates
Standard Chartered Staff Mark International Day Of Women And Girls In Science With A Mentoring Programme
Staff of Standard Chartered have engaged in a speed mentoring session with 100 female students of Labone and Accra High Senior High Schools as part of activities to mark International Day of Women and Girls in Science, adding a STEM competition comprising 2 girl teams from both schools with the “challenge” of delivering a digital solution to managing, tracking and savings for teenagers.
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