MOBILE MONEY Fintech LTD has called for the establishment of a Fraud Command Centre to combat the rising incidence of mobile money-related fraud.
The Chief Executive Officer of MobileMoney Fintech LTD, Mr Shaibu Haruna, made the call at the Fintech Partners Exchange programme held in Accra on Thursday.
The event, which brought together key industry stakeholders including the Chief Executive Officer (CEO) of MTN Ghana, Mr Stephen Blewett, was on the theme “Leading Fintech Solutions for Collaborative Progress.”
Mr Haruna indicated that the scale of mobile money operations in Ghana had grown significantly, with transactions valued at about GH¢4.1 trillion last year, alongside an average of 23 million transactions processed daily.
He explained that while the platform continued to expand, the nature of fraud had evolved from isolated incidents to organised digital crime networks, requiring a more coordinated and industry-wide response.
“Fraud is no longer just a mobile money issue. It is a digital crime ecosystem. The attack points have expanded across channels, including e-commerce platforms, social media and banking systems,” he said.
Mr Haruna stressed that tackling the challenge would require collaboration among mobile money operators, banks, fintech firms, regulators and law enforcement agencies.
He, therefore, proposed the establishment of a centralised Fraud Command Centre to facilitate intelligence sharing, rapid response and coordinated enforcement actions across the financial ecosystem.
Mr Haruna also stressed the need to accelerate the transition from USSD-based transactions to mobile app usage, noting that although about 70 per cent of customers used smartphones, only 1.2 per cent of transactions were conducted via apps.
“This transition is critical to delivering more intuitive, secure and seamless services, while maintaining inclusivity for users who still rely on USSD,” he stated.
Mr Haruna also reaffirmed support for the SIM card registration exercise, stressing that a robust biometric verification system linked to the national identification database would enhance security across the ecosystem.
Touching on regulatory developments, Mr Haruna welcomed recent reforms, including the data lending framework introduced by the Bank of Ghana, which he said would support the growth of a robust digital credit ecosystem.
He further underscored the importance of customer education in combating fraud, describing users as the first and last line of defence.
“We are intensifying awareness through community outreach, media platforms and direct engagement to equip customers with the knowledge to protect themselves,” he said.
The Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems (GhIPSS), Ms Clara Arthur, commended MobileMoney Fintech LTD for initiating discussions aimed at strengthening collaboration within the sector.
She noted that the company’s priorities aligned with national efforts to deepen digital payments and enhance financial inclusion.
The Head of the Fintech and Innovation Office at the Bank of Ghana, Mr Owireku Asare, emphasising the importance of mobile money, stressed the need to place fraud prevention at the centre of industry discussions.
He called on stakeholders to present a unified front in advocating policies that would support the growth and security of the fintech ecosystem.
The programme formed part of efforts to strengthen partnerships, promote innovation and develop coordinated strategies to address emerging risks within Ghana’s rapidly evolving digital financial landscape.
BY KINGSLEY ASARE
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