Mobile money vendor attending to a customer
The Mobile Money Advocacy Group (MoMAG) Ghana has reported a significant resurgence in business activities following the repeal of the Electronic Transfer Levy, or E-Levy.
According to General Secretary of MoMAG, Kingsley Amoako-Atta, the move has brought a welcome relief to agents and stakeholders, reversing the negative trends that plagued the industry during the implementation of E-Levy.
In an interview with Nyankonton Mu Nsem on Rainbow Radio 87.5FM, Amoako-Atta explained that the E-Levy’s introduction created a hostile environment for the mobile money business.
The levy led to increased operational costs for agents, sparked widespread panic withdrawals, and threatened the financial viability of many operations.
He noted that in 2022, when the E-Levy was enacted, many agents saw a sharp decline in business, with some even abandoning their ventures due to the burden of multiple deductions on transactions.
Since the levy’s removal, Amoako-Atta says the sector has experienced a strong rebound.
Over 25 million active MoMo accounts recorded in Ghana – BoG
This positive trend is supported by recent data from the Bank of Ghana (BoG), which shows a healthy and growing mobile money ecosystem.
According to the BoG’s latest Summary of Economic and Financial Data, mobile money transactions reached GH¢354.1 billion in August 2025.
Although this figure was a slight decrease from the GH¢355.4 billion recorded in July, the overall number of transactions increased to 831 million in August, up from 778 million the previous month.
Amoako-Atta attributes this growth to a combination of high mobile penetration, an expanding agent network, and the inherent convenience of mobile platforms, all of which were previously undermined by the E-Levy.
“The introduction of the E-Levy was troubling,” he stated.
“But since it was scrapped, I can confidently say that it has positively impacted our business activities. Mobile money transactions have improved, and the Bank of Ghana’s data confirms this significant increase.”
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