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Contrary to fears that the implementation of the Electronic Transfer Levy (E-levy) would collapse the business of mobile money agents, there seem to be a new revenue stream for them \u2013 namely cash-in transactions, which have become the preference of customers.<\/p>\n
This comes as a result of some customers\u2019 desperate attempt to avoid the e-levy, as transactions done as cash-ins \u2013 otherwise known as deposits \u2013 have become the order of the day since the 1.5 percent tax came into effect about three weeks ago.<\/p>\n
Rather than send monies from their own mobile money wallets, customers withdraw the cash, pay the cash-out fee, and give the money to the agent to be sent to the destination mobile money wallet. This is because e-levy does not affect both the cash out and the agent transfer. So, neither the agent nor the customer loses.<\/p>\n
Indeed, this type of \u2018smart\u2019 move from customers gives the agents more money because the more customers do cash out and pay the 0.75% fee, the more commission the agent gets from the telcos.<\/p>\n
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ALSO READ:<\/strong><\/p>\n Most of the agents explained to the B&FT that even though there were panic-withdrawals a few days after the E-Levy took off, activities picked up immediately when patrons realised mobile money agents were exempted from the E-levy charges.<\/p>\n \u201cThe onset was a bit slow, especially a day before the E-levy came into force \u2013 they did panic-withdrawals. The following day people were afraid to make deposits; but when we educated them that there is no E-levy charge on depositing and withdrawals, they came back. So far so good, we are managing,\u201d Daniel Osei, a MoMo agent at Kasoa, told the B&FT.<\/p>\n Another mobile money agent at Makola Market who wants to be called Belinda said: \u201cNow the cash-in has increased; all those who used to load their wallets do not do that anymore, they give us the money and we do the transfer on their behalf and this doesn\u2019t attract E-levy. One way or another, the E-levy has helped us.<\/p>\n \u201cFor me, that is how I see it \u2013 because the more cash-in transactions you do, the more commission you get at the end of the month from your service provider. So the E-levy has really helped us, the merchants.\u201d<\/p>\n Esther Amoako, also a mobile money agent at Djanman near Weija, told the B&FT in an interview that: \u201cFor now, when it comes to deposits, yes, its patronage has increased because people are refusing to transfer money from their phones to different numbers.<\/p>\n \u201cThey rather come and withdraw and deposit it to the number which they want to send money to; so in that area, there\u2019s been an increase as compared to before when they deposited the money on their numbers and did the transfers themselves.<\/p>\n \u201cNow if they have the money on their phones, they withdraw it and ask me to send it on their behalf. This will reflect into commission from the Telcos at end of the month. So in other words, more money for us.\u201d<\/p>\n Lawful or unlawful<\/strong><\/p>\n The issue of whether it is lawful or unlawful for mobile money agents to undertake such transactions has become debatable after a member of the E-levy Technical Committee, Patrick Frimpong Danso, said on a local television network, UTV, that the practice is illegal.<\/p>\n But the agents disagree, saying they are only doing deposits, which their system allows them to do, and are permitted by the telecommunication companies (Telcos).<\/p>\n \u201cWe do not do transfers, we do cash-in cash-out. We do deposits and withdrawals; we don\u2019t transfer. You cannot even transfer from a merchant SIM. Transfer is only on the subscribers SIM. The subscriber does not have deposits on their numbers, it is agents who have the deposits,\u201d Mrs. Amoako said.<\/p>\n \u201cPrior to the E-levy, the network providers told us not to transfer money to other people on the customers behalf, but it didn\u2019t work because most of the customers claim they cannot do the transaction themselves,\u201d Belinda said.<\/p>\n Indeed, the telcos have asked the agents to ensure that any customer wallet into which they do a deposit is present at the agent point, or else the telcos\u2019 systems will treat it as a transfer and penalize the agent for it. This was based on a directive from the Bank of Ghana.<\/p>\n That has been the practice until now that e-levy is here and now the agents seem to be aiding customers to avoid e-levy by allowing \u2018deposits\u2019 into wallets outside of their stations, which is actually transfers.<\/p>\n <\/p>\n