Leading mobile money providers in Sierra Leone, Orange and Africell, have announced a new date for the implementation of the Goods and Services Tax (GST) on all their financial services.
Set to begin on October 15, 2023, this move is in direct response to the recently introduced Finance Act of 2023.
Africell relayed the forthcoming changes through an announcement which stated, “As of 15th October they will be updating all Mobile Money Fees to reflect GST. This adjustment will take effect on the 15th of October 2023 and this is in accordance with the Finance Act of 2023…”
Orange also shared a message to its customers saying: “Dear Customer, Please note that in compliance with the new Finance Act, all our Orange Money fees will be updated to reflect GST. This will come into effect on 15th October 2023.”
With the integration of GST, users who frequently use mobile money for their financial dealings can expect changes in the overall fee structure. All charges and fees will now be inclusive of the newly imposed GST.
Despite the impending fee alterations, Orange Money expressed its gratitude to its vast customer base for their unwavering support. They also emphasized their commitment to delivering high-caliber services. This GST incorporation is seen as a strategic alignment with the nation’s evolving financial and tax regulations, cementing Orange Money’s position as a compliant and reliable mobile money service provider.
For consumers, the bottom line is clear: the introduction of GST means it will now cost you more money to use mobile money services.