Following the implementation of the Electronic Transactions Levy (E-Levy) on May 1st, 2022, mobile money transactions may decline significantly in the future.
Massive withdrawals were made by a cross-section of Ghanaians a day before the implementation.
Joy Business spoke with a few mobile money agents who expressed their dissatisfaction with the E-Levy.
One of them stated that, while the E-Levy was implemented for a good reason, a lack of adequate education is fueling consumer fears that they will have to pay more for transactions.
“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.”
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“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.
He went on to say that “consumers are angry because of the E-levy. Though E-levy will help, but people are not happy with it.
Another mobile money agent stated that the E-levy has slowed business because customers prefer to withdraw their funds.
“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”.
He further said “people complained when they come to withdraw their monies. Because of the charges, they are withdrawing their monies.”
Other mobile money agents, on the other hand, are optimistic that the mass withdrawals will eventually stop because Ghanaians cannot live without mobile money transactions.
One of them said “I think with time, people will get use to the system. I mean we’ve come this far and there is no way we can’t do with mobile money. It’s something that we have to do especially those of us living in Accra and has to send monies to our parents outside the capital city.”
“E-levy, if it’s going to be used for a good purpose, I think is a good idea. We can’t complain much”, he stressed.
In 2022, the E-levy is expected to generate slightly more than GH¢4.5 billion.
In January 2022, mobile money transactions totaled GH¢76.2 billion, up from GH¢67.1 billion in January 2021.
Mobile money transactions totaled ¢80 billion in October 2021, ¢86.1 billion in November 2021, and ¢82.9 billion in December 2021, respectively.
SOURCE: myjoyonline
