The Director of Fintech and Innovation at the Bank of Ghana, Mr. Kwame Oppong, has expressed concern over the increasing cases of mobile money fraud, noting that fraudsters are constantly finding new ways to deceive both mobile money vendors and users.
Speaking at the swearing-in ceremony for the newly elected executives of the Mobile Money Advocacy Group, Mr. Oppong highlighted that Ghana’s Mobile Money Regulatory Framework is considered the best in the world, a significant achievement for the fintech sector. He emphasized the need to protect this growing industry from fraud.
Since the introduction of mobile money in Ghana, transferring funds has become more accessible and convenient. However, the sector has faced challenges related to fraud, with both vendors and users falling victim to scams.
To address these challenges, the Mobile Money Advocacy Group was formed to educate the public and mobile money operators about fraud prevention and safeguard the sector. Over the past eight years, the group has conducted educational campaigns on mobile money fraud across all 16 regions of the country.
While some progress has been made, fraud remains a persistent issue as fraudsters continue to devise new methods.
To strengthen their efforts, the Mobile Money Advocacy Group has elected new executives who will lead the organization for the next four years. Mr. Oppong reiterated that the mobile money industry is benefiting the country and must be protected from fraudsters.
The President of the Mobile Money Advocacy Group, Mr. Edward Ofori Agyemang, revealed that the group is currently in discussions with the police to improve security for mobile money vendors. Mr. Agyemang also shared important security tips to help protect mobile money accounts from fraudsters.
