MoMAG Swears in New Executives Amid Growing Concerns Over Mobile Money Fraud
The Mobile Money Advocacy Group (MoMAG) was officially inaugurated on January 18, 2025, at Christ the King Parish Hall at Cantonments in Accra, where new executives were sworn in to lead the organization.
The event highlighted the critical need for public education on fraud prevention and the safeguarding of the mobile money sector in Ghana.
Mr. Kwame Oppong, the Director of Fintech and Innovations at the Bank of Ghana, expressed urgent concerns regarding the rising incidents of mobile money fraud.
He noted that fraudsters are continually devising new methods to exploit both mobile money vendors and users.
During his address, he emphasized the importance of protecting the mobile money industry, which has been recognized globally for its regulatory framework.
“According to a report by the Global System for Mobile Communications, Ghana’s mobile money regulatory framework is ranked number one worldwide, significantly enhancing our fintech industry. We must take proactive measures to safeguard this vital sector from fraud,” Mr. Oppong stated.
Mr. Edward Ofori Agyemang, the newly elected President of MoMAG, addressed the audience, indicating that the group is in ongoing discussions with law enforcement to ensure the safety of mobile money vendors.
He also announced that the government plans to abolish the E-levy, a move aimed at revitalizing business operations and encouraging users to return to traditional methods of depositing and transferring funds.
Prior to the introduction of the E-levy, users frequently visited agents to deposit money into their wallets and make transactions with ease. However, the new levy has led many to prefer sending money directly through agents to avoid additional charges.
In his remarks, Mr. Agyemang shared valuable security tips for protecting mobile money operations from fraud.
He advised agents to close their businesses early and avoid keeping large sums of cash on hand. Additionally, he urged agents to be mindful of their surroundings to minimize the risk of attacks.
Since the inception of mobile money services in Ghana, transferring funds has become significantly more convenient for users, transforming the landscape of financial transactions in the country.
By Priscilla Ndede