The Chief Executive Officer of Mobile Money Limited (MML), Shaibu Haruna, has said his outfit is implementing robust and stringent measures to curb mobile money (MoMo) fraud.
Through multi-sectorial collaboration as well as intensified public education, he said perpetrators of MoMo fraud will be brought to book.
He made this statement at the launch of the 2023 MoMo Season in Accra, and acknowledged that while mobile money continues to contribute immensely to socio-economic growth, it has also been the target for some unscrupulous persons who continue to perpetuate financial crime using MoMo.
“Data from Bank of Ghana reveals that total electronic money-related losses from 2022 amounted to GH¢26million, representing a 103 percent increase from 2021. There is, therefore, a need to increase fraud awareness and beef up security measures. A multi-sectorial approach is critical to tackling MoMo fraud and other related issues,” he said.
Mr. Haruna lamented that MoMo fraud was impeding digital payments adoption; hence, Mobile Money Limited, through its parent company MTN Ghana, has partnered some stakeholders with expertise in security to help curb the situation and alongside, continue to adhere to all international security standards to ensure that the wallets of their customers are safe.
“We recently signed an MoU with the Economic and Organised 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 stated.
Themed ‘Addressing the Barriers to Digital Payments Adoption in Ghana’, the 2023 MoMo Season is part of the firm’s agenda to celebrate and throw light on the significance of the MTN mobile money services, create awareness about MoMo, and bring the service to the doorsteps of Ghanaians.
The celebration, held in the months of August and September annually, also seeks to acknowledge valued partners and the over 11 million subscribers who use MTN MoMo across the country. It is also a step further toward realising its ambitious 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 reaffirmed the commitment of MTN Ghana and Mobile Money Limited to lead the delivery of a bold, new digital world and improve the lives of its customers as well as addressing these 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.
As part of the 2023 MoMo Season celebrations, there will be series of activities and campaigns across the country, with launch activities in Accra, Kumasi, Takoradi, Nkawkaw and Tamale.
There will also be consumer and staff promos, market storms, stakeholder fora, digital campaigns, Catch Them Young Series, and MoMo fraud education, among others.
