MTN MoMo Recorded Gh¢1.07 Trillion In 2022

MTN Mobile money transactions recorded over Gh¢1.07 trillion in 2022.

This was recorded in the 2022 summary of Economic and Financial Data by the Bank of Ghana.

Mr Nii Adotey Mingle, General Manager, MTN Northern Business Sector made this known at the launch of 2023 MTN Mobile Money Season today.

According to him, despite the implementation of the e-levy as compared to what was recorded in 2021, MTN Momo was able to increase it revenue to Ghc1.07 trillion which he said was encouraging in 2023.

He said,MTN Ghana as pioneers of mobile money in Ghana and the West Africa sub region, the feat is something they are proud of and will not have been possible without their cherished customers and valued stakeholders.

Addressing barriers to Digital Payments Adoption in Ghana Rising competition in Ghana’s digital payments and fintech sector, coupled with increased mobile money awareness, infrastructure and a good regulatory framework continue to drive innovation within the sector.

He stated that, despite the significant gains and progress they have made in Ghana’s digital payments sector, there are still some challenges with respect to digital payments adoption and integration in the country.

This year’s theme is Addressing the Barriers to Digital Payments Adoption in Ghana, which he said is a step further towards realizing their 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

He revealed that, Interoperability challenges including fake identification cards, platform infrastructure, on boarding customers, MoMo fraud among others have impeded digital payments adoption in Ghana.

Adding that, MTN Ghana and Mobile Money Limited are committed to addressing the challenges by working closely with various stakeholders and partners in a bid to build a robust, efficient, and more inclusive digital payments ecosystem in the country.

Mr. Adotey indicated that, MoMo Fraud although mobile money has contributed immensely to Ghana’s socio-economic growth, it has also been the target of some unscrupulous persons who continue to perpetuate financial crime and MoMo fraud.
He noted that, several customers have fallen victim to the antics of these fraudsters , and for that matter, they continue to beef up efforts across various touch points to stay ahead of them, through robust and stringent measures, multi-sectorial collaboration as well as intensified public education,
He disclosed that, they will continue to tackle MoMo fraud and bring perpetrators to book, as their efforts have contributed to a marginal decline in the fraudulent activities, yet there is still more work to be done.
He reiterated that, Data from Bank of Ghana reveals that total electronic money related losses from 2022 amounted to Gh¢ 26 million representing a 103% increase from 2021, hence there is therefore the need to increase fraud awareness to beef up security measures. A multi-sectorial approach is critical to tackling MoMo fraud and other related issues, and have signed an MOU with the Economic and Organized Crime Office (EOCO), a partnership they believe will go a long way in addressing MoMo fraud and bringing the perpetrators to book, as they continue to work with partners from the National Cybersecurity Authority, Ghana Police service and the Judiciary to conduct investigations into such fraud related issues.

He stated that, as a digital focused business, MTN Ghana continue to explore artificial intelligence tools to fight fraud, and as a business, continue to adhere to all international security standards to ensure that the wallets of their professional customers are safe.
Mr Nii Adotey revealed that, a few weeks back Mobile Money Limited (MML/MTN Momo) successfully achieved the Global System for Mobile Communications Association (GSMA) Mobile Money certification. MML was robustly assessed against eight (8) principles made up of detailed criteria set by the GSMA between November 2022 and May 2023. These principles he said include Security of Systems, Data Privacy, Safeguarding of Funds, Quality of Operations amongst others.
The GSMA Mobile Money certification he said is a global initiative which promotes security, transparency, and resilient financial services to millions of mobile money users across the world.
He said, the possibilities of MoMo remain endless, and it is important for them as stakeholders to work collaboratively to find solutions to address the barriers that impede digital payments adoption in Ghana.
He indicated that, the 2023 MoMo Season celebrations will be undertaking a series of activities and campaigns across the country with launching activities.
He said there will also be consumer and staff promos, market storms, stakeholder fora, digital campaigns, Catch Them Young Series, MoMo fraud education among others.
He said MTN Ghana encourage the public to take part in the celebrations.
He reiterated that, MTN Ghana strive and work hard to achieve their Ambition 2025 strategy of transitioning to a platform player and a full-fledged digital-first technology company, and will continue to work in collaboration with other partners and industry players to address the barriers in Ghana’s digital payments sector. as they intend to accelerate growth in the digital payments sector and further boost financial inclusion in the country by continuing to invest in digital infrastructure, by employing a multi-sectorial approach to policy formulation, and by building strategic partnerships and collaborations.
The Northern Business Sector Manager reaffirm that MTN Ghana and Mobile Money Limited are committed to leading the delivery of a bold, new digital world and brightening the lives of their customers.