17,000 MoMo businesses collapsed due to E-levy and other challenges

17,000 MoMo businesses collapsed due to E-levy and other challenges – MoMo Agents Assoc.

The leadership of the Mobile Money (MoMo) Agents Association of Ghana has revealed that a staggering 17,000 mobile money businesses across the country have collapsed following the implementation of the electronic transaction levy (E-levy).

In an internal survey conducted after the rollout of the levy, the association found that a significant number of its members abandoned their businesses due to the multiple levy deductions on transactions, whether through banks or between fellow agents.

In an interview with JoyNews' Emmanuel Bright Quaicoe, the General Secretary of the association, Evans Otumfuo, explained that many mobile money agents saw their working capital drastically reduced due to the heavy taxes.

As a result, the association has welcomed the new government’s decision to scrap the levy, describing it as "counterproductive" to their businesses.

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