Cameroonians have come out to speak about the 0.2% mobile money levy that was imposed on their electronic transactions as they declare it as being too much.
According to reports, Cameroonians had the government imposing a 0.2% tax on all money sent or received through mobile money services as well as banks.
The new directive by the government was said to have been a means through which the government seeks to gain more revenue so they can be able to build and develop the country.
The tax imposed means that anyone seeing an amount of FCFA 10,000 would have to add an extra 20 francs in tax whiles the person who would also be receiving the money would have to pay 20 francs in tax when they go to redraw it.
Historically, Cameroon is not the first African country to put some sort of a levy on electronic transactions. Tanzania in July had waived a pre-existing 10% tax on Mobile Money transactions due to the COVID
Can you imagine being charged a tax to withdraw your own cash out of your account?
For millions of Cameroonians who hold their money in mobile money wallets, this became a reality on Jan.1.
This tax is regressive and will slow financial inclusion#EndMobileMoneyTax #WeSayNo
— Rebecca Enonchong (@africatechie) January 2, 2022
