Approximately one million mobile money
accounts became inactive following the implementation of the Electronic
Transfer Levy in May 2022, according to research by the Institute of
Statistical, Social and Economic Research (ISSER).
The number dropped from 19.1 million
to 18.1 million in July 2022.
ISSER noted that after the levy's
review, the number of registered and active accounts and agents continued to
rise in January 2023, but active accounts decreased by 100,000 in February
2023.
The research also highlighted shifts
to alternative payment systems in response to the E-levy implementation, with
less than 7% of the target revenue realised initially.
The E-levy failed to generate the
expected revenue, and ISSER emphasised the significance of tax rates in
stakeholder acceptance.
E: Classfmlonline