Spokesperson for Mobile Money Agents Association, Charles Kwasi Addo, has expressed readiness for the implementation of the e-levy on mobile money transactions.
Mr Addo revealed that the association is poised to comply and implement the 1.5% levy imposed by government on mobile money transactions. He explained that to ensure the swift adherence to the directive, his members have begun educating customers on the charges due per transaction before implementation begins.
“Government is 95% ready for rollout [and] equally as agents we are more than ready because the implementation of this law lies with us. As an association or agents across the country we are more than ready, more education is ongoing…”
Charles Kwasi Addo
Highlighting some concerns the association has in the round up to the e-levy implementation, Mr Addo indicated that members of the association are confronted with issue of unemployment and decline in profit. Additionally, he noted that agents are agitating over the prospects of losing most of their resources in terms of “people withdrawing their investments [and] panic withdrawals”.
“But the major challenge now is with capital. Most of the working capital of the agents are on loan [and] most of them are subscribed one way or the other to loans and therefore, interest rates are so high.”
Charles Kwasi Addo
To address the association’s concerns, Mr Addo revealed that government has extended an overture of help by scheduling a meeting with the Association.
“Even before the passage of the e-levy, we tabled down thirteen challenges that the agent on the street is going to be confronted with… So, now, the challenge on the table is, we want to speak to government so that they will help us with soft loans which comes with very low interests that will help us maximize and meet the needs of customers. By so doing and if we are able to do that, government will be able to get its targeted revenue.”
Charles Kwasi Addo
Association calls for soft loans
Commenting on the significance of the soft loan agents require to ensure they remain in business, Mr Addo pointed out that agents work with loans and due to the high interest rates, most of them can’t go in for the required loans or monies needed to run their businesses. When this happens, he noted that it will be detrimental to their operation as they are unable to meet the needs of customers and prospective customers.
The Spokesperson for the Mobile Money Agents Association emphasized that once they are not able to meet the conditions of loan procurement, their transactional volumes as agents reduces.
“But if we get soft loans and monies that come with low interest rates, it means that we will be able to serve every customer that will walk into our office. Mind you, the e-levy will be materialized when we are able to do much transactions that will help the government realize its objective in terms of revenue. So, if we are unable to meet the needs of the customers, then it tells you government has nothing to get in terms of revenue.”
Charles Kwasi Addo
Mr Addo opined that agents under the Association are constantly being engaged and educated to be abreast with information. This, he iterated, is to help them enlighten customers and whittle down some myths they have concerning the levy.
“Every day there is an engagement going on. If you go to our Facebook wall [and] all our social media handles, we educate our members… There are two forms of education ongoing; we have the one-on-one with customers walking into our offices or shops, we educate them on the need for them not to panic to withdraw their money.”
Charles Kwasi Addo
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