He said data from Bank of Ghana reveals that total electronic money related losses from 2022 amounted to GH?26 million representing a 103 per cent increase from 2021, hence the need to reinforce security measures to bring perpetrators to book.

Mr. Haruna, speaking at the launch of 2023 MoMo Season, said although mobile money had contributed immensely to Ghana’s socio-economic growth, it had also been the target of some unscrupulous persons, who continued to perpetuate financial crime and MoMo fraud.

He cited a multi-sectoral approach as critical to tackling MoMo fraud and other related issues.

According to him, MTN MoMo have recently signed a Memorandum of Understanding (MOU) with the Economic and Organized Crime Office (EOCO) and expressed the hope that their partnership would go a long way in addressing MoMo fraud and bring perpetrators to book.
“We continue to work with partners from the National Cyber Security 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. Haruna emphasised that MTN MoMo Management would continue to adhere to all international security standards to ensure that the wallets of customers were safe.
Mr Haruna said it had become a way of life and continued to foster inclusion in Ghana serving as a major means of payment for the banked and unbanked population in Ghana.

He noted that the 2022 summary of Economic and Financial data by the Bank of Ghana, mobile money transactions in 2022 hit a record of GH?1.07 trillion despite the implementation of the e-levy as compared to about GH?902.5 billion in 2021.

Speaking on the theme: “Addressing Barriers to Digital Payments Adoption in Ghana,” 2023 MoMo season, the CEO explained that “it is a step further towards realizing our 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 said that interoperability challenges, fake identification cards, platform infrastructure, onboarding customers, MoMo fraud among others have impeded digital payments adoption in Ghana.

“MTN Ghana and MobileMoney Limited are committed to 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,” he added.

The CEO of MTN MoMo noted that his outfit would continue to work in collaboration with other partners and industry players to address the barriers in Ghana’s digital payments sector.

Mrs. Cynthia Fosu, Chief Executive Officer (CEO) of Izone, said that MTN MoMo had redefined Ghana’s financial services industry, an innovation that had continued to boost financial inclusion and brought financial services to the doorsteps of Ghanaians across the length and breadth of the country.

She said, “the ease and convenience of transactions and our reach across the country has boosted financial inclusion, made payments innovative and created jobs for many people.”