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

The Mobile Money (MoMo) Agents Association of Ghana has disclosed that 17,000 MoMo businesses have collapsed due to the implementation of the electronic transaction levy (E-Levy).

An internal survey revealed that multiple levy deductions on transactions, whether through banks or between agents, significantly reduced working capital, forcing many agents to abandon their businesses.

Speaking to JoyNews, General Secretary Evans Otumfuo explained that the heavy taxes made operations unsustainable. The association has therefore welcomed the government's decision to abolish the E-Levy, calling it a "counterproductive" policy that harmed their businesses.

The removal of the levy is expected to restore confidence in the mobile money sector and revitalize struggling businesses.