E-levy: Panic Withdrawals putting pressure on Momo vendors.

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Some areas in the Volta region have seen lots of Momo customers engaging in panic withdrawals following the implementation of the E-levy today.

The withdrawals being made by the customers have put a lot of pressure on mobile money vendors.

Long queues were seen in some areas such as Ketu south, Akatsi south municipality and Hoehoe.

Customers claimed that by emptying their momo wallets, they could avoid deductions of their money.

Interviews conducted by our journalist revealed that some Momo operators are beginning to roll down the curtains on their source of income as the future of the business appears to be bleak.

It is difficult to envisage how Ghanaians could bypass the payment of e-levy considering how dependent we are on mobile money transactions. More than 50% of Ghanaians do not have working bank accounts.

The 1.5% e-levy implementation started today the 1st of May 2022. It is a measure that the government imposed on Ghanaians to avoid going to the IMF after its reckless spending. In less than 24 hours it has received massive resistance.

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