Barely a year after the Government of Ghana scrapped the controversial Electronic Transfer Levy (E-Levy), fresh evidence is emerging that the policy reversal is significantly accelerating the country’s transition towards a digital payments economy.
Leading mobile money operator, MobileMoney Fintech Limited, says the removal of the levy has fundamentally reshaped customer behaviour, with more Ghanaians now choosing to complete transactions digitally rather than rely on cash withdrawals.
Surge in digital transactions
Speaking on the sidelines of the 2026 MMFL FinTech Stakeholder Engagement in Accra, Chief Executive Officer of MMFL, Shaibu Haruna, disclosed that the abolition of the levy has triggered a noticeable increase in activity across digital financial platforms.
According to him, prior to the removal of the levy, many customers adopted a workaround strategy—transferring funds electronically only to immediately withdraw cash to avoid incurring additional transaction costs when making payments.
However, that pattern is rapidly changing.
“What we are seeing now is a clear shift. Customers are more inclined to complete transactions digitally, particularly through peer-to-peer transfers, instead of cashing out,” he explained.
This behavioural shift, he noted, is deepening the mobile money ecosystem by keeping funds within digital channels for longer periods, thereby increasing liquidity and efficiency within the financial system.
Understanding the E-Levy impact
The E-Levy, before it was scrapped, applied to electronic transfers including mobile money transactions, bank transfers, and payments between digital wallets and bank accounts.
It was charged as a percentage of the amount transferred above a specified daily threshold, with the burden placed on the sender.
Although some transactions—such as transfers between personal accounts and certain merchant payments—were exempt, the levy was widely criticised for increasing the cost of digital transactions.
Industry experts say its removal has effectively reduced friction within the payment system, encouraging higher transaction volumes and promoting digital adoption across all segments of the economy.
Boost for cashless economy
Shaibu stressed that the surge in digital transactions reinforces Ghana’s broader ambition of building a cash-lite economy.
By reducing the reliance on physical cash, the shift is expected to improve transparency, reduce transaction costs over time, and enhance the overall efficiency of payment systems.
He added that the increased use of digital platforms is also beneficial for businesses, particularly small and medium enterprises, as it simplifies payments, improves record-keeping and expands access to financial services.
Strengthening digital security
While transaction volumes are rising, concerns over digital fraud remain a critical issue within the ecosystem.
Shaibu emphasised the importance of the ongoing SIM card registration exercise as a key pillar in strengthening digital security and enhancing trust.
He stressed that the process must be executed with strict verification standards linked to the national identity database to ensure its effectiveness.
“That process gives certainty about the identity of users and enhances trust across the ecosystem. It is in the interest of everyone to support it, because it ultimately protects individuals, families and the entire financial system,” he said.
Growing complexity of fraud
The MMFL CEO warned that fraud in the digital space has evolved beyond traditional mobile money scams into a more complex, multi-channel threat.
“This is no longer just about mobile money fraud. It is digital crime, and it spans multiple channels, including e-commerce. The point of attack could be anywhere along the payment chain,” he noted.
He called for a coordinated industry-wide response involving financial institutions, telecom operators, regulators and law enforcement agencies to effectively tackle the growing menace.
Investments in system resilience
To address these risks, MMFL has stepped up investments in platform security to safeguard its infrastructure against attacks.
However, Shaibu acknowledged that the most significant vulnerability remains at the user level, where fraudsters often exploit human error through social engineering tactics.
As a result, the company has intensified public education campaigns, using radio platforms and direct community engagement in markets, churches and other public spaces to promote awareness and improve cyber hygiene.
“We continue to prioritise customer education because the first and last line of defence is the user,” he stated.
In addition, MMFL is collaborating with law enforcement agencies to strengthen the capacity of cybercrime units, enabling faster investigation and prosecution of digital fraud cases.
Push for centralised fraud response
A key outcome of the stakeholder engagement was the growing consensus on the need for a unified, real-time fraud monitoring system.
Shaibu advocated the establishment of a centralised platform—whether described as a command centre or bureau—that would enable seamless collaboration among stakeholders and facilitate faster response to fraudulent activities.
“What is important is an integrated, real-time system that allows all stakeholders to collaborate efficiently. That is a key outcome we are working towards as an industry,” he said.
He expressed optimism that within the next 90 days, a clear framework would be developed to guide the implementation of such a system.
Collaboration driving the ecosystem
The stakeholder engagement, he explained, forms part of ongoing efforts to deepen collaboration across Ghana’s financial ecosystem.
The platform brings together banks, fintechs, regulators and other players to review performance, assess emerging risks and align priorities for the future.
A turning point for digital finance
Industry experts believe the scrapping of the E-Levy represents a turning point for Ghana’s digital financial sector.
By removing a key barrier to electronic transactions, the policy has not only boosted transaction volumes but also accelerated the country’s transition towards a more inclusive and efficient financial system.
