E-Levy: Mobile Money transactions could drop as consumers make panic withdrawals

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Mobile money transactions are expected to be seriously affected following the implementation of the Electronic Transactions Levy (E-Levy).

Prior to the implementation, costumers performed massive withdrawals across the country.

Some mobile money agents also expressed their frustrations about the E-Levy, citing that the implementation lack adequate education which is fuelling fears among customers.

“As you know the E-levy has come for good purpose, but the business [Mobile Money] has dropped because of the E-levy. Everybody is trying to withdraw his or her money from the mobile money.”

“Since yesterday [30th April, 2022], people have been struggling to take their money from their mobile money. So the E-levy, it has come to do good things, but on the other hand you can see that business has dropped”, he pointed out.

Another agent noted that the E-levy has slowdown business and agents are short of cash, because consumers are initiating more withdrawals.

“Business is slow. Most people are withdrawing their monies because of the charges that they will pay. Most people are rushing to cash out their monies, but we hope it will normalise”.

Others are hopeful the panic withdrawal will cease in due time because Ghanaians cannot do away without mobile money transactions.

The E-levy is expected to generate a little above ¢4.5 billion in 2022 according to the Government.

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