Independent Presidential Candidate in the 2024 Presidential Election, George Twum-Barimah-Adu has disclosed that he will replace the Electronic Transaction Levy (E-Levy) with E-Sika to create automatic savings and pension for every Ghanaian as they spend.
The Electronic Transfer Levy Act, 2022 (Act 1075) and Electronic Transfer Levy (Amendment) Act 2022 (ACT 1089) impose a levy of 1% on electronic transfers which is charged to the transferor at the time of transfer.
Thus, any transfer to or from a mobile money account or from a bank account of a person is subjected to the Levy.
These include: Mobile money transfers done between wallets on the same electronic money issuer, transfers from a wallet on one electronic money issuer to a recipient on another electronic money issuer, transfers from bank accounts to mobile money wallets, Transfers from mobile money wallets to bank accounts, bank transfers on an instant pay digital platform or application which originates from a bank account belonging to an individual.