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HomeGeneral NewsMTN steps up aggressive fight against MOMO Fraud as losses hit GHc26Million

MTN steps up aggressive fight against MOMO Fraud as losses hit GHc26Million

MTN Ghana has given the strongest indication it is leveraging its latest Global Systems for Mobile Communications Association (GSMA) Mobile Money certification and its existing local partnerships with regulators and the security services, to clamp down on the activities of Mobile Money fraudsters.

The total amount of unrecovered e-money lost to fraud and its related activities on electronic payment platforms across all networks in Ghana amounted to GHS26 million in the year 2022 alone.

This constitutes an increase of some 103% over the GH¢12.8 million recorded in the Fraud reports of the Bank of Ghana in 2021.

Speaking at the launch of the MOMO Season Celebrations in the heart of the Kejetia Market Complex, General Manager in charge of Northern Sector Business of MTN, Nii Adotey Mingle pointed out that the telecoms giant is adopting a multi-sectorial approach to fighting the menace.

He assured, “We recently signed an MOU with the Economic and Organized Crime Office and this partnership will go a long way in addressing momo fraud and bringing perpetrators to book.”

He further indicated, “we continue to work with partners from the cyber security authority, the Ghana police service and the judiciary to conduct investigations into such fraud related activities”

“As a digital focused business, we continue to explore artificial intelligence tools to fight fraud|, Nii Adotey Mingle Added.

Mingle attributed the recent MTN Mobile Money Limited certification from the GSMA, to the commitment of managers to adhere to all international security standards for safeguarding the mobile money wallets of customers.

He explained that the GSMA mobile money certification bolstered trust in MML/MTN services as it stands as a reputable global initiative which promotes security, transparency, and resilience of financial services to millions of mobile money users across the world.

Among the eight benchmarks employed to assess MTN Mobile Money Limited over a seven month period included security systems; Data privacy; safeguarding of funds and quality of operations.

Momo Volumes Increase

Electronic Payment platforms including Mobile Money Services reached a record of GHc1.7trillion in the year 2023 despite the public’s opposition to the Electronic Transfers Levy which imposes a 1% tax on a basket of transactions above GHc100.

Nii Adotey Mingle however indicated that the sector was bound to continue posting growth numbers as a result of the increased level of advocacy, heightened competition among electronic payment platforms and a conducive regulatory environment.

He told Ultimate News, the theme for this year’s MTN MOMO Season “addressing the barriers to digital payment adoption in Ghana,” mirrors MTN’s ambition to lead digital inclusion in Ghana and Africa

“As we strive and work hard towards achieving our 2025 strategy of transitioning to become a platform player and a fully-fledged digital first technology company, we will continue to work in collaboration with our partners and industry players to address the barriers in Ghana’s digital payment sector,” he reassured.

He commended MTN Mobile Money Ltd, its partners, agents , merchants and collaborators; for reaching the huge unbanked and underbanked population with a wide array of mobile financial services including Payments, savings, insurance, investments, pensions and remittances.

MTN MOMO Season

MTN Mobile Money has built its Momo subscriber base to over 11 million subscribers over a 14 year period since it introduced its electronic Payment platform in the year 2009.

The annual MOMO Season Commemorations are held to recognize the efforts of Mobile money agents, merchants, fintech partners, financial institutions and regulators and their contribution to the development of electronic payment platforms in the country.

This year’s activities which will be centered in Tamale, Kumasi, Nkawkaw, Accra and Takoradi will comprise Consumer and staff promotions; stakeholder forums; digital campaigns; catch them young series, momo-fraud education among others.

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