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E-Levy has collapsed our businesses, left several others jobless - MoMo Association

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Mon, 10 Oct 2022 Source:

The Ghana Mobile Money Association has lamented that the implementation of the E-Levy has collapsed several mobile money businesses.

The Association says the negative impact of the implementation cannot be underestimated.

According to the association, several of its members have laid off workers, while others have gone out of business, and those who are still in business are unable to expand.

The volume of transactions in the industry they disclosed has also decreased.

Evans Otumfuo, General Secretary, speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5Fm stated that the levy should be eliminated.

“Nobody can deny that the E-Levy has had a negative impact. It has resulted in significant hardship. Several of our members have had to lay off employees. We are unable to grow. Our origin margins have shrunk. Those of us who are still in business are unable to expand or open new locations. If someone asks if we want it scrapped, we will say yes.

"However, if they are unwilling to scrap it, they must support us because we are experiencing severe economic hardship.”

He also stated that the threshold for E-Levy transactions is currently ineffective because one is deducted from every transaction.

“There was a threshold when the levy was introduced. However, the levy is affecting all forms of transactions. The government is not meeting its projections because many people are no longer using mobile money services as they did before the levy was implemented.”

“Ghanaians are struggling, the economy is facing a serious crisis. The prices of goods and services are on the rise all the time. These are the challenges, and for us in the mobile money business, the least said the better,” he said.

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