Panic withdrawals after E-levy passage

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The Mobile Money Agents Association of Ghana says most of its members will shut down their mobile money businesses following the passage of the Electronic Transfer Levy (E-LEVY).

Parliament on Tuesday, March 29, 2022, passed the Electronic Transfer Levy in the absence of the Minority MPs, who had walked out before the Bill was considered at the second reading stage.

In an interview with Citi News ( eye witness news), The  General Secretary for the association, Evans Otumfour, said most of their customers will stop patronizing their services which will affect the business greatly

“We may be tempted to withdraw our services because the service already is not all that lucrative.”

A lot of our people will definitely be out of business… when the policy was announced, there was a sharp decline or drop in the use of mobile money.”

Nonetheless, the passage is expected to commence on 01/05/2022.

Navantrics Team

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