Africa-Press – Ghana. Players in the financial technology sector have emphasised public education and institutional collaboration to help deal with fraud in digital transactions.
During a stakeholder engagement organised by MTN Mobile Money Limited in Accra, Thursday, experts underscored the need to guard against fraudulent activities to deepen trust in the system and protect the gains made in the sector.
The interactive session, dubbed; “Mobile Money Fintech Partners Exchange,” brought together representatives of financial institutions, service providers, Mobile Money operators, and other partners on the theme: “Uniting Against Fraud: Strengthening Ecosystem Collaboration.”
Mr Shaibu Haruna, the Chief Executive Officer, MTN Mobile Money Limited, noted that fraud in the sector had transitioned from an isolated activity to an organised network, prompting the adoption of more robust technologies and measures to guard the system.
“It is not a Mobile Money fraud issue; this is a digital crime environment…the attack points have changed, it touches the entire ecosystem so we need to have a much broader approach to deal with this issue,” he stated.
Presenting an overview of the business in 2025, the CEO indicated that active MTN Mobile Money customers had reached 19 million as merchant and agent networks continued to expand.
He said the company had introduced new technologies to fastrack transactions on the Mobile Money platform and would continue to invest in service efficiency.
Mr Haruna expressed confidence in regulatory changes in the sector, such as the scrapping of the E-levy, which had helped to expand the frontiers of the business.
He noted that the company would soon be known as Mobile Money Fintech Limited as all approvals for the change of name had been acquired.
“Our channels remain the same, the mobile money brand will not change, it is only the corporate name that will change,” he noted.
The company would prioritise stakeholder engagement in 2026 while building an ecosystem that transcended financial transactions.
He highlighted capacity building for agent networks, developing a joint fraud attack plan for the industry, introducing Mobile Money innovation labs, and creating more forums to discuss issues within the industry.
“We cannot fight this network of fraud in silos…the fraud we are seeing is technology-driven so we need to collaborate to deal with the situation,” he stated, emphasising advanced solutions to combat digital crime.
Madam Clara Arthur, the Chief Executive Officer, Ghana Interbank Payment and Settlement Systems (GhIPSS) Limited, expressed commitment to supporting and leading efforts to prevent the activities of fraudsters.
She stressed vigilance across sectors, adding that fraudulent activities erroded trust and undermined efforts to bridge the financial inclusion gap.
Ms Arthur said GhIPSS would leverage its experience in the sector, interrogate available data to help establish fraud patterns and share available information with partners in the fintech ecosystem.
“Without coordination we risk making fraud interoperable…the strength in our economy will not be measured by how innovative we are but how united we are to fight fraud,” she stated.
Mr Owuraku Asare, the Head of Fintech and Innovation, Bank of Ghana, called for unity in the industry and more resilient systems to protect mobile money transactions and the fintech ecosystem.
Panelists, including Mr Stephen Tefeh, Head Forensic Services, Stanbic Bank, highlighted the importance of continued public sensitisation, and strengthening internal communication and information sharing as part of measures to limit fraudulent transactions.
