The Mobile Money Agents Association of Ghana has reported a surge in panic withdrawals at mobile money vending points following the implementation of the Electronic Transfer Levy (E-Levy).
Spokesperson for the Association, Charles Kwesi Addo, said agents have been overwhelmed by the number of customers withdrawing money from their mobile money wallets since the levy took effect on May 1.
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According to him, about 80 percent of customers visiting mobile money stands were coming to withdraw cash, a situation he described as unusual and difficult for agents to manage.
Mr Addo explained that some agents had to turn away customers because they did not have enough physical cash to meet the high demand.
He attributed part of the panic withdrawals to misinformation among some users who believed money stored in their mobile money wallets would automatically be deducted through the E-Levy.
The introduction of the E-Levy has generated public debate, with the Minority in Parliament challenging the policy at the Supreme Court. Former President John Dramani Mahama has also stated that the levy would be cancelled if the National Democratic Congress (NDC) wins the 2024 elections.
Meanwhile, some mobile money subscribers have become more cautious about using the service following the implementation of the levy.
Some users said they were limiting the amount of money kept in their wallets and only depositing funds when necessary, while others indicated that they were reducing the size of transactions to avoid possible charges.
The cautious approach among subscribers has also been reported in other parts of the country, where some users are hesitant to keep money in their mobile money accounts after the introduction of the E-Levy.
