Plus233 - Ghana's No.1 News Hub
Subscribe
  • Latest
  • Health
  • News
  • Love Therapy
  • World
  • Africa
Sunday, Aug 31, 2025
Plus233 - Ghana's No.1 News HubPlus233 - Ghana's No.1 News Hub
Font ResizerAa
Search
Follow US
BusinessLatestNews

Qwikloan to halt operations if E-levy is implemented

Kweku Jasper
Last updated: November 30, 2021 12:05 pm
Kweku Jasper
Share
source: GHKasa
SHARE

If the planned electronic transaction levy (e-levy) is enacted in its current form, the Chief Executive Officer of Afb Ghana, the operators of MTN’s Qwikloan services, has warned that the company may cease to exist in a year.
On Wednesday, November 17, 2021, Finance Minister Ken Ofori-Atta presented the 2022 budget declaration to Parliament, proposing a 1.75 percent tax on electronic financial transactions.
The tax policy, according to the Minister, was designed to raise income to promote job creation programs, road infrastructure projects, cybersecurity, and digital infrastructure.
Ken Ofori-Atta hoped that by February 2022, the concept will be fully implemented. Ghanaians, on the other hand, are overwhelmingly opposed to the proposal.
As a result of the proposed e-Levy and other concerns made in the budget, the minority group in Parliament rejected it for the fiscal year 2022.
In 2017, MTN Ghana, in collaboration with Afb GHANA, developed the “Qwikloan” service to help consumers in times of need.
Customers can use their MTN mobile money platform to access loans through the “Qwikloan” service, which is quick, straightforward, and convenient.
Qwikloan is a short-term loan that lasts 30 days. It features flexible payment arrangements with a 6.9% interest rate, however, a default payment will result in a 12.5 percent interest rate. It does not require a bank account or a guarantor to use.


However, in a Facebook post commemorating Afb Ghana’s four-year anniversary on November 30, 2021, the company’s CEO, Arnold Parker, cautioned that if the government proceeds with the e-levy in its current form, the service will be shut down.
“We introduced what has undoubtedly become Ghana’s most widely used financial product, Quick loan, four years ago today, with our partners MTN and Jump.” We have disbursed approximately Ghc7 billion to well over 4.2 million people in the 4 years that Quickloan has been in operation. “It’s interesting that the Quickloan anniversary falls with the e-Levy debate,” Arnold Parker observed.
“If I feed in the suggested e-Levy rate into our financials, Quickloan would be defunct in a year,” he continued. Yet it is a product like Qwikloan, which has helped millions of people in dire straits, that has the capacity to alter our economy.”
In a previous post, Arnold Parker recommended against the government giving away free items.
“Now is the time to focus on growing our economy. When a country’s GDP is meant to be $600 billion, it shouldn’t be okay if it’s just $60 billion. We have been operating much below our capacity for decades, robbing millions of our kith and skin of a good existence. The more freebies we promise people, the more

businesses we need to enable to thrive in order to locate them. It’s time to start and expand Ghanaian companies.

//

We influence 20 million users and is the number one business and technology news network on the planet

TAGGED:afbMTNMTN Qwikloan
Share This Article
Facebook Copy Link Print
ByKweku Jasper
Follow:
I am a multi talented African son growing up in a cold but hot world, where nothing is what it seems to be. I am an optimist by faith, R.N by profession, Web developer by practice, Tech preacher by decision, promoter by love, blogger by inspiration, photographer by occupation, marketer by calling, satirist by tribe, entrepreneur by origin, events manager by love, non-bias and rich by choice, illustrious by divine arrangement and Ghanaian by law. I am a Data Scientist by curiosity, ML & Al fun, a Cybersecurity advocate, SEO consultant & a UI/UX Researcher. Simply put, I am all things to all men at all times.
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




Let's Connect

304.9kLike
3.04MFollow
304.9kPin
844.87MFollow
40.49MSubscribe
39.5kFollow

Popular Posts

THERE WAS NO NURSE IN THE “BABY HARVESTING/TRAFFICKING” EXPOSÉ BY EOCO AND MEDICAL AND DENTAL COUNCIL – NURSING AND MIDWIFERY COUNCIL.

Kweku Jasper
1 Min Read

TOP FASHION WEEKENDS IN GHANA -SURVEY RESPONSES FROM GHANA FASHION INDUSTRY

Kweku Jasper
3 Min Read

The LoveTherapy: SHOES OF THE GOSPEL OF PEACE

Kweku Jasper
1 Min Read

End period poverty 2021 a menstrual health advocacy Project by Enam a final year medical student of UHAS received Commendations

Kweku Jasper
4 Min Read

You Might Also Like

Peace & SecurityLatest

Santrofi, Akpafu, Likpe and Lolobi cannot fall within Hohoe Constituency – Supreme Court

3 Min Read
Latest

Video: Prez. Akufo-Addo finally responds to Secessionist attacks

3 Min Read
Coronavirus Patient Escapes From Quarantine Facility
News

Coronavirus Patient Escapes From Quarantine Facility

2 Min Read
Jibril Aliyu a 10 year old boy
LatestNews

Jibril Aliyu a 10 year old boy who has been chained with animals for 2 years rescued

1 Min Read

Social Networks

Facebook-f Twitter Gitlab Youtube Medium Telegram Twitch Rss

As Seen On

Plus233 - Ghana's No.1 News Hub
Plus233 - Ghana's No.1 News Hub
Plus233 - Ghana's No.1 News Hub
Plus233 - Ghana's No.1 News Hub

Ghana West Africa

Plus233 - Ghana's No.1 News Hub
Plus233 - Ghana's No.1 News Hub
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?