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MoMo transactions reduce again-E-levy

Following the implementation of the Electronic Transaction Levy (E-levy) on Sunday, May 1, 2022, the value of mobile money transactions has plummeted by 50% again.

According to reports, on Saturday, April 30, 2022, before the E-levy begins on Sunday, there were large withdrawals around the country.
All electronic transactions above GH100 will be charged a 1.5 percent fee.

Joshua Edmundson, the Public Relations Officer of the Ghana Mobile Money Agents Association, stated that MoMo transactions had decreased by 50%.

Customers’ panic withdrawals, he claimed in an interview on Accra’s Adom FM, are due to a lack of sufficient education.

The new tax policy, he claims, has harmed deposits, withdrawals/cashouts, and savings on MoMo wallets.

“The industry has produced 1.5 million employment,” he said, “therefore the government must assist us in maintaining the mobile money business.”

As a result, he urged the government to step up education and public awareness campaigns to dispel Ghanaians’ concerns.

“These panic withdrawals, I believe, will come to an end with public education. I wanted to reassure my agents that they shouldn’t be concerned “He made a point.

The value of mobile money transactions declined by GH3.2 billion in December last year, according to figures released by the Bank of Ghana (BoG) in February.

According to the data, the value of transactions on the country’s largest payment network declined by 3.8 percentage points to GH82.9 billion in December from GH86.1 billion in November 2021.

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