The Mobile Money (MoMo) Agents Association of Ghana has revealed that approximately 17,000 mobile money businesses have shut down across the country since the implementation of the electronic transaction levy (E-Levy) under the Akufo-Addo administration.
According to an internal survey conducted by the association, the multiple levy deductions on transactions—including transfers between banks and fellow agents—led many agents to abandon their businesses, as their working capital was significantly eroded.
Speaking in an interview with Joy News, Evans Otumfuo, General Secretary of the association, described the E-Levy as counterproductive, noting that it severely impacted the sustainability of mobile money businesses.
“E-Levy has been counterproductive to us; it has had a bad impact on our businesses. In a survey that we conducted, we found that over 17,000 of our members closed down their businesses due to the E-Levy.”
He further explained that the heavy taxation on MoMo transactions resulted in capital losses, making it difficult for agents to continue operating.
“MoMo agents at a point were subjected to various forms of levy deductions. We lost our working capital, and it hasn’t been in the interest of our business so far.”
The association has welcomed the new government’s decision to scrap the levy, expressing hope that its cancellation will restore confidence in mobile money transactions and help revive the industry.
“We received it as a piece of good news—the cancellation of E-Levy. We really look forward to its implementation,” Otumfuo stated.
The Mobile Money Agents Association of Ghana remains committed to working with policymakers to create a more sustainable financial ecosystem for MoMo operators and consumers alike.