MTN Mobile Money (MoMo) Ghana has stepped up efforts to combat cross-network mobile money fraud by partnering law enforcement agencies and other industry players to establish a centralised, real-time fraud-monitoring system.
The Mobile Money Manager-Northern, David Nana Addai, said the proposed system would enable the detection and real-time blocking of suspicious transactions across different mobile money platforms, making it more difficult for fraudsters to exploit delays in information sharing between network operators.
He announced this at the Bono, Bono East and Ahafo Regional Media and Stakeholder Forum in Sunyani last Thursday.
Mr Addai explained that fraudsters increasingly transferred stolen funds from one mobile money network to another because the existing process of sharing information among operators often took time, making it difficult to stop fraudulent transactions before the money was withdrawn.
He said the planned centralised monitoring system would strengthen collaboration among mobile network operators, law enforcement agencies and cybercrime investigators to improve the industry's response to fraud.
Beyond the planned collaboration, Mr Addai said MTN had deployed artificial intelligence (AI), machine learning and predictive analytics to identify suspicious activities before fraud occurred.
He said additional security measures, including biometric authentication, device-binding technology, and enhanced One-Time Password (OTP) verification for bank-to-wallet transactions, had also been introduced to protect customers.
According to him, the device binding feature prevents fraudsters from activating a customer's MoMo account on another mobile phone without authorisation, thereby reducing account takeover fraud.
8.4 billion transactions, MoMo loans
He revealed that the platform currently processed 8.4 billion transactions, "averaging about 23 million transactions daily, highlighting the growing reliance on digital financial services in the country."
Mr Addai explained that Mobile Money Limited now operated as a standalone fintech company, separate from MTN Ghana's telecommunications business, in line with regulatory requirements.
On mobile money loans, Mr Addai said although some customers had proposed extending the current one-month repayment period to two or three months, any review would depend on repayment behaviour and default rates.
"Our challenge is not granting the loans but ensuring customers repay them. We will continue to assess customer behaviour before considering any changes," he said.
On the company's contribution to the economy, Mr Addai said MoMo had created employment for more than 350,000 agents and nearly 300,000 merchants nationwide, while supporting the government's drive towards a cash-lite economy through seamless digital payments.
The Senior Manager - Customer Experience Planning and Enablement, Dr Lawrence Akosen, dismissed claims that MTN sold customers' personal data to businesses for marketing purposes.
He stressed that customer information remained one of the company's most protected assets.
Dr Akosen attributed most unsolicited promotional messages to third-party data aggregators, contact-sharing applications and organisations that traded in customer databases.
He added that MTN had tightened controls over bulk messaging on its network to prevent unauthorised access.
Dr Akosen added that the company remained committed to achieving net-zero carbon emissions by 2030 through investments in solar-powered network infrastructure and energy-efficient buildings, among others.
