HomeEntertainmentMoMo agents lament shortage of cash due to panic withdrawals over e-levy

MoMo agents lament shortage of cash due to panic withdrawals over e-levy

money businesses
money businesses

Panic withdrawals ahead of the electronic transfer levy’s activation on Sunday left agents who operate mobile money businesses, also known as MoMo, inactive.

When Citi News visited the Greater Accra Region’s Nima and Accra Newtown neighborhoods, many of the agents reported that there was a cash shortage due to the rush of consumers withdrawing their funds.

The contentious electronic transfer levy, or e-levy, has finally been introduced.

The 1.5 percent fee is being phased in, according to the Ghana Revenue Authority.

This means that the full scope of implementation will not be felt immediately.

Many sector players have previously warned that the charge would undercut the achievements of the government’s digitization program.

As of Saturday, April 30, 2022, several commercial banks and all mobile networks have sent clients texts and emails alerting them of the E-implementation levy on Sunday.

According to several people who spoke to Citi News earlier, the reaction to these notifications was a wild rush for people to withdraw funds from their mobile money accounts.

But, what was the situation on the first day of the controversial tax on electronic transactions?

Because we withdrew the money from the bank on Friday, we don’t have cash for MoMo withdrawals right now, Felicia Asiamah explained. We can withdraw smaller amounts for them, but not larger amounts, such as GH5,000 for one person. I arrived at 10 a.m. and do not have any cash for withdrawals. On a regular day, individuals would come in and deposit as well, so I’d have enough cash, but that’s not the case today. “

“Banks will be open on Wednesday due to the holidays,” Ramatu Adam continued, “Therefore we have no alternative but to take cash from an ATM machine.” However, the ATM fees are exorbitant. People came in yesterday wanting to withdraw GH4,000 or more, but I couldn’t help them because I wouldn’t earn from it. A GH4 fee is applicable to any amount withdrawn from the bank in excess of GH1,000. So, if I withdraw GH4,000 for a customer and make a GH4 profit, and then go to the bank and pay GH53 as an ATM fee, I will only make a loss. As a result, the authorities should assist us. “

These agents, however, blamed the panic withdrawals on the government’s and telecommunication firms’ lack of sensitization.

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