E-Levy-induced panic MoMo withdrawals could put your life in danger – Dr Adam Bonaa warns

Parliament approves E-Levy

President gives assent to E-Levy

Mobile Money platform users engaged in panic withdrawals

Security and Safety Analyst, Dr Adam Bonaa has advised against panic withdrawals by some users of Mobile Money platforms following the passing of the Electronic Transfers Levy Law.

There have been reports of panic withdrawals after the Electronic Transfers

Read full articleLevy, otherwise known as the E-Levy, was passed into law and subsequently given presidential assent.

But according to Dr Bonaa, the decision to convert electronic money into physical cash is an action that can prove detrimental to one’s security and safety.

“Customers would have to think twice before withdrawing their monies. The reason is that once criminals or criminal gangs get to know that there is cash in the hands of a lot of people, chances are that there could be a new wave of attacks on unsuspecting travellers and unsuspecting citizens.

“Citizens would have to be cautious because if you look at the risks involved in withdrawing your money, it could be too severe because you could actually lose your life. It looks like some people are withdrawing their money without taking into consideration the risk factor, and I would say that yes, E-Levy is passed but quickly running to a MoMo vender and withdrawing your money could be injurious; could prove detrimental to those who are doing that. You could withdraw the money, and almost immediately, the amount is robbed,” Dr Bonaa stated in an interview with GhanaWeb.

On general safety when it comes to handling money, the security analyst tagged electronic cash as the safest mode of keeping money and thus urged members of the public to choose that over other modes.



“I will still advise people to handle money electronically; it is the safest way to keep cash. Holding cash anywhere in the world, chances are that 9/10 you are likely to be robbed. So people should be cautious of it. If you have any reason to handle money in cash you have to be very discreet, you have to ensure that wherever you are going, you don’t let bystanders know you are carrying money.

“Sometimes you will hear some people being loud on the phone when they are at a mobile money vendor to take their money or when they receive money when someone has sent them money, they quickly on the phone to announce to the person that you have sent me two-thousand Ghana cedis, I am going to withdraw it,” he added.

The imposition of a 1.5% levy on electronic transactions is expected to come into effect from May this year.

This comes after parliament approved the bill, and President Nana Addo Dankwa Akufo-Addo, on Thursday, March 31, 2022, gave assent ton the new law which is now going through gazetting.

He also noted that keeping money at home is possible incentive for robbery attacks and thus urged people to desist from that.