Following the implementation of the Electronic Transactions Levy (E-Levy) on May 1st, 2022, mobile money transactions may reduce dramatically.
A day before the implementation, a large number of Ghanaians withdrew from the country.
Some mobile money agents told Joy Business about their dissatisfaction with the E-Levy.
One of them stated that, while the E-Levy was established for a worthy reason, a lack of proper knowledge is fueling consumer anxieties of paying more for transactions.
"As you are aware, the E-levy was introduced for a legitimate reason, but the business [Mobile Money] has suffered as a result of the E-levy. Everyone is attempting to withdraw money from their mobile money accounts." "People have been trying to withdraw money from their mobile money since yesterday [April 30, 2022]." So the E-levy has done fantastic things, but on the other side, you can see that business is down," he explained.
"Consumers are unhappy because of the E-levy," he continued. Though the E-levy will assist, the public is not pleased.
Consumers are withdrawing their monies rather than paying the E-levy, according to another mobile money agent.
"Things are sluggish. The majority of consumers are withdrawing their funds due to the fees they will incur. The majority of individuals are rushing to cash out their funds, but we expect things to return to normal." "People grumbled when they came to withdraw their money," he added. They are withdrawing their funds due to the costs."
Other mobile money dealers, on the other hand, are optimistic that the bulk withdrawals would eventually stop since Ghanaians cannot live without mobile money transactions.
"I believe people will become accustomed to the system over time," one of them stated. We've got this far, and there's no way we won't be able to use mobile money. It's something we have to do, especially for those of us who live in Accra and need to transfer money to our parents who live outside the capital."
"I think e-levy is a terrific concept if it's going to be used for a good reason." He emphasized, "We can't complain much."
In 2022, the E-levy is estimated to produce little over 4.5 billion dollars.
In January 2022, mobile money transactions were $76.2 billion, up from $67.1 billion in January 2021.
Mobile money transactions totaled 80%, 86.1 billion, and 82.9 billion in October, November, and December 2021, respectively.
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