The MoMo sector is faced with the challenge of fraud despite its immense benefit to Ghana’s economy
The Director of Fintech and Innovation at the Bank of Ghana, Mr. Kwame Oppong, says cases of mobile money fraud are on the increase, with fraudsters devising various means to scam both mobile money vendors and users of the mobile money platform.
Speaking at the swearing-in ceremony of the new executives of the Mobile Money Advocacy Group, Mr. Oppong said the Mobile Money Regulatory framework in Ghana has been adjudged the number one globally, which is a big boost to the fintech industry, hence the need to protect the sector.
Since the introduction of mobile money in Ghana, sending and receiving money has become easy and convenient. However, the sector has faced the challenge of fraud and scams, with both vendors and customers falling victim.
To educate the public and mobile money operators, the Mobile Money Advocacy Group was established to raise awareness of fraud in the system and protect operators in the sector. For the past eight years, the Mobile Money Advocacy Group has taken its education on mobile money fraud to all 16 regions in the country.
Although some successes have been achieved, mobile money fraud continues to persist because fraudsters continue to devise new methods. To strengthen education efforts, the Mobile Money Advocacy Group has elected new executives to help counter the fraud in the system.
The Director of Fintech and Innovation at the Bank of Ghana, Mr. Kwame Oppong, said the mobile money industry is serving Ghana well and must be protected from fraudsters.
The President of the Mobile Money Advocacy Group, Mr. Edward Ofori Agyemang, said the group is in talks with the police to ensure security for mobile money vendors. Mr. Agyemang shared some security information on how to protect one’s mobile money from fraudsters.
The new executives will steer the affairs of the group for the next four years.
