According to the summary of Economic and Financial data for March 2022 which was published by the Bank of Ghana, the mobile money platform which is the largest payment system in the country has suffered a big blow.
The publication explained that momo saw its transactional value decline to GH¢76.2billion in January 2022 from the GH¢86.1billion recorded in November 2021( the same month the E-levy was announced) indicating a drop of GH¢9.9billion.
The momo platform has never seen such a colossal decline in value over the space of two months within a year ever since it was introduced.
A few days ago, the finance minister announced that the E-levy bill had been passed in Parliament despite protests by the majority of Ghanaians.
The passing of the bill caused panic withdrawals by Ghanaians with many closing down their accounts.
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