Mobile Money (MoMo) agents across Ghana have expressed relief over the government’s decision to scrap the controversial Electronic Transfer Levy (E-Levy), which they say led to the collapse of thousands of small businesses.
According to the Mobile Money Agents Association of Ghana, an internal survey revealed that approximately 17,000 MoMo outlets were forced to shut down due to the adverse effects of the levy introduced under the previous administration.
Evans Otumfuo, General Secretary of the Association, disclosed in a Joy News interview that multiple deductions on transactions—whether between bank accounts or agent wallets—depleted working capital and discouraged customers from using the service.
“The E-Levy was simply not in our favor. It drained our capital and drove customers away. Our survey confirms that over 17,000 of our members had to close shop because of it,” he said.
Otumfuo emphasized that agents often faced layered tax charges, even on internal transactions, making it unsustainable to keep their businesses running.
He applauded the current government’s decision to abolish the levy, calling it a long-overdue move that could revive the mobile money sector and restore confidence among both agents and users.
“We consider the cancellation of the E-Levy good news. It’s a chance for our members to bounce back and continue serving their communities,” he added.
The E-Levy, introduced as a revenue-generating measure, faced widespread backlash from stakeholders, who argued it stifled digital transactions and financial inclusion—two pillars of Ghana’s growing fintech landscape.
