Mobile Telecommunications Networks (MTN) has stated that the weight of fraudulent activities in MoMo transactions was seriously hampering efforts to deepen financial inclusion in the country.

MTN became the pioneer of mobile banking in Ghana with the introduction of MoMo in 2009.

Despite the breakthroughs, financial scams continue to flourish on the mobile money platform and thousands continue to fall victim.

Shaibu Haruna, Chief Executive Officer of the Mobile Money Limited said this at a market launch of the company’s 15 Anniversary celebration in Ho.

He said the company holds the issue of fraud as its high priority and was therefore pursuing the needed enhancements of its security systems and collaboration while promoting widespread public education.

“Fraud remains one of the prevalent issues that continues to hinder our work of promoting digital and financial inclusion in the country. MoMo fraud is an issue we are very passionate about at the Mobile Money LTD and we will continue to work with all stakeholders through sensitisation and awareness initiatives and will continue to invest in robust security measures to combat it and protect our valued customers,” he said.

Customers of the Momo service were asked to build consciousness around the use of the platforms, saying that, “every customer is the first and last line of defense.

“We need to protect our PINs and avoid clicking on unsolicited links, responding to fake SMS messages, or following the instructions of any random caller,” he said.

The Chief Executive said Ghanaians retained credit for mobile financial transaction growth.

Mr Haruna said the diversification of Ghana’s financial sector stood as a testament to the visionary establishment of the Momo which also drives convenience across various sectors to improve quality of life.

“When we embarked on this journey 15 years ago, the landscape of financial services in Ghana was vastly different. Traditional banking services were inaccessible to a significant segment of the population, particularly those in rural and underserved areas. Many Ghanaians faced challenges in conducting basic financial transactions, which hindered economic growth and personal empowerment. We recognized this gap and took on the challenge to make a meaningful difference by driving change and bringing financial services to the fingertips of every Ghanaian through the power of the mobile phone.

“MoMo was born out of a vision to democratize access to financial services. Today, MoMo is more than just a mobile money service. It is a platform that has empowered individuals, transformed businesses, and strengthened communities. We have witnessed how MoMo has enabled small and medium-sized enterprises to thrive, by providing them with the tools they need to manage their finances more efficiently.

“We have seen how it has facilitated access to education, healthcare, and essential services, improving the quality of life for countless families. Also, access to government services has been simplified through the ubiquitous power of your MoMo enabling government agencies to collect taxes, levies and fees seamlessly. Clearly, MoMo has bridged the gap between the banked and the unbanked, bringing financial inclusion to the forefront of our nation’s development agenda,” the CEO said.

The launch was attended by corporate heads of Mobile Money Limited, traditional leaders, and stakeholders including Mr Divine Bosson, Municipal Chief Executive for Ho.

Women at the Ho Central Market where the launch was held shared testimonies of financial convenience with the use of the platform and said risks of theft associated with carrying physical cash were minimised.

The MoMo Fraud campaign would be boosted during the celebrations, and so would be skills training for SMEs, and an awards night to reward stakeholders.