Qwikloan will collapse if gov’t implements e-levy – CEO cries

The Chief Executive Officer (CEO) of Afb Ghana, Arnold Parker has noted that Qwikloan is bound to collapse in a year if government secures approval for the implementation of the Electronic Transaction Levy (E-Levy).

Afb Ghana partnered MTN Ghana to launch the “Qwikloan” service in 2017 to provide convenience through the granting of loans to customers in times of need to enhance their business.

After four years, the service has strived and is patronised by millions of Ghanaians across the country.

Amid talk of the e-levy, Qwikloan’s existence is now said to be under threat, according to the CEO of Afb Arnold Parker.

In a post on his Facebook page, Mr. Arnold says if the e-levy is successfully implemented, Qwikloan will cease to exist in just 12 months.

“Four years ago today, together with our partners MTN and Jump, we launched what has arguably become Ghana’s most utilised financial product -Quick loan. In the 4 years that Quickloan has been in existence, we have disbursed over Ghc7billion to well over 4.2 million people. Interesting that the Quickloan anniversary comes at a time when heated discussion on the e-Levy rages on.

“If I plug in the proposed e-Levy rate into our financials, Quickloan would cease to exist within a year. Yet it is a product like Qwikloan, which has been a lifesaver for millions in their times of need, that has the potential to transform this economy,” Mr. Arnold Parker noted.

Although government led by the Majority in Parliament remain keen on implementing the e-levy, the Minority and a section of Ghanaians continue to oppose it.

The levy when approved by Parliament, will charge a 1.76% tax on all financial transactions done electronically.