‘MoMo Fraud Impedes Digital Payment Adoption’2 min read

 MTN Ghana has indicated that despite the significant gains and progress made in the country’s digital payments sector, Mobile Money (MoMo) fraud is one of the challenges that impede digital payments adoption.

The others include interoperability challenges, fake identification cards, and platform infrastructure and on boarding customers.

According to the telecommunication company, even though mobile money has contributed immensely to the country’s socio-economic growth, it has also been the target of some unscrupulous persons to perpetuate financial crime and MoMo fraud.

Commercial Head, MTN South-West Ghana, Prince Owusu Nyarko, revealed this at the launch of the 2023 Mobile Money season in Takoradi.

He explained that the months of August and September have been set by the company to create awareness on the various opportunities MoMo offers in the digital economy and celebrate its valued partners and customers.

He said since its launch in 2009, mobile money remains the most revolutionary product introduced to the Ghanaian financial ecosystem.

“Mobile money has become more than just a mobile financial service. Now, MoMo customers have access to a wide array of services including payments, investments, insurance, remittances and pensions among others”, he added.

He mentioned that although the company’s efforts have contributed to a marginal decline in the fraudulent activities, there is still more work to be done.

“We recently signed an MOU with the Economic and Organized Crime Office (EOCO), a partnership we believe will go a long way in addressing MoMo fraud and bringing the perpetrators to book.”

“We continue to work with partners from the National Cybersecurity Authority, Ghana Police Service and the Judiciary to conduct investigations into fraud-related issues. As a digital-focused business, we continue to explore artificial intelligence tools to fight fraud”, he added.

Mr. Nyarko said this is a step towards realizing the ‘Ambition 2025’ strategy of leading digital solutions for Africa’s progress and leading the drive for digital and financial inclusion in Ghana and across Africa.