17,000 MoMo businesses collapsed due to E-levy – MoMo Agents Asso.

The Mobile Money Agents Association of Ghana has disclosed that approximately 17,000 mobile money businesses across the country have ceased operations due to the electronic transaction levy (E-levy) and other challenges.

This revelation comes after the association conducted an internal survey to assess the impact of the levy on its members.

According to Evans Otumfuo, General Secretary of the association, many mobile money agents saw their working capital drastically reduced due to the heavy taxes.

“The multiple levy deductions on transactions made it extremely difficult for agents to operate,” Otumfuo explained in an interview with JoyNews’ Emmanuel Bright Quaicoe.

The association found that a significant number of its members abandoned their businesses due to the E-levy. As a result, the association has welcomed the new government’s decision to scrap the levy, describing it as “counterproductive” to their businesses.

The removal of the E-levy is expected to bring relief to the mobile money sector, which has been struggling to cope with the increased taxes. The association is optimistic that this decision will help revitalize the sector and promote economic growth.