E-Levy-induced panic MoMo withdrawals unnecessary – Mr. Saale.
The branch manager of Nkoranman Rural Bank and financial advisor in Nsawkaw, in the Tain District of Bono Region, Mr. Eric Saale, has advised the citizenry on panic withdrawals by some users of Mobile Money platforms following the passing of the Electronic money remittances Levy into Law.
There have been reports of panic withdrawals after the Electronic Transfers Levy, otherwise known as the E-Levy, was passed into law and subsequently given governance assent.
In this account, according to Mr. Saale, the decision to convert electronic money into physical cash is an action that can prove detrimental to one’s security and safety of finances.
“Customers should have to think twice before withdrawing their monies. The reason is that once 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.
Citizens should be cautious to look at the risks involved in withdrawing their 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 to those who are doing that”, Mr. Saale stated in an interview with Appiah Kubi on Tain FM Anopa Nkommo show discussing about remittances.
On general safety, when it comes to remittances, financial advisor 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 and even do remittances”, he added.
The imposition of a 1.5% levy on electronic transactions he said is expected to come into effect and there no way to dudge it as far as electronic banking is concerned.
Or for more insight and clarifications, call Mr. Saale on 0550520771.
Source:Tain FM Appiah-Kubi.