Panic withdrawals hit Mobile Money – MMAAG

A lot of people who have their money kept on their Mobile Money Wallet have begun withdrawing their money following the passage of the controversial E-levy.

This is according the Mobile Money Agents Association of Ghana (MMAAG).

Some are expecting that the electronic wallet tax will kick off on 1st of April, 2022, but the Finance Minister, Ken Ofori-Atta, has mentioned May as the likely month for the implementation.

Yesterday, Ghanaians were taken by surprise when the most debated electronic levy was passed by Parliament following Minority’s walk out from the Chamber.

The Public Relations Officer of the MMAAG, Charles Addo, speaking on Adom TV’s Current  Affairs show, The Big Agenda, said since the announcement, many have rushed to withdraw their monies from their MOMO wallet.

He explained that the excuse people give is that they do not want their little money they have in the account to be taxed.

“Since the pronouncement that E-levy has been passed by Parliament, there is a mad rush for withdrawal and if it continues like this, most mobile money agents will be out of business,” Mr Addo stated.

He said due to the panic withdrawal, some banks have issued a caveat as to how much their clients can withdraw from their momo wallet a day just to keep the mobile money business running.

“You see, if I say there is a panic withdrawal, yes it is, but as to how much is being withdrawn in a day depends on the area and the population but I can tell on authority that, from yesterday, daily withdrawal from momo has increased and due to that, most of our members are closing early than their normal time just to reduce the rate at which money is being withdrawn,” he said.

The Spokesperson for the Mobile Money Agents Association of Ghana added that now that the E-levy has been passed, they want government to give them some money to cushion them if not they will be compelled to lay off workers.

“If government does not support us after the electronic tax has been approved, we will lay off workers and trust you me, unemployment rate will be higher than we have now maybe after three months,” he added.



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