Director of Fintech and Innovation at the Bank of Ghana, Kwame Oppong, has called on mobile money agents to join efforts to safeguard the industry they have worked hard to build from fraudsters and criminals.
Speaking at the 7th anniversary celebration of the Mobile Money Advocacy Group Ghana (MoMAG) on Saturday, September 7, in Accra, he emphasised that since trust and confidence are central to mobile money operations, it is important for the industry to be protected for it to continue driving financial inclusion.
“The work you have put in over the last decade and a half needs to be protected; you have weathered many storms, but one of which has become important today is the issue of trust and confidence.”
“Fraudsters, criminals, and those who seek to destroy the wonderful business that you have worked together with the mobile money industry to build, you should not let them take it away; you should not let their intentions take root,” he said.
To this end, he announced plans of including MoMAG in a governance framework aimed at nipping in the bud the activities of fraudsters and criminals.
“We are going to work on a governance framework to protect this industry from fraud and criminality, and I will be extending a hand officially to your association to have a seat at the table.”
He commended MoMAG members for their significant contribution to financial inclusion in Ghana, reflecting on the industry’s growth and its impact on people’s lives.
“You have been representatives of people’s hope when they receive money in deep, faraway places. I have seen your locations from Bimbilla to Axim to everywhere. Your work is not easy; you have committed a lot of your own resources, and today we are here to honour you.”
The Chief Executive Officer of the Ghana Chamber of Telecommunications, Ing. Dr. Kenneth Ashigbey, while commending the group for bringing banking services closer to the ordinary people, urged mobile money agents to consider offering other forms of financial services, such as mortgages.
He urged MoMAG and other stakeholders to improve the security and safety of mobile money agents.
“We need to find solutions to be able to resolve that. But that is something we all have to do together, working together with Mobile Money Ltd., Bank of Ghana, NCA, and all regulators.”
On the prospects of mobile money business in Ghana, he noted, “The future of mobile money is not just about transactions. It is about creating an integrated digital economy where financial services are at the fingertips of every Ghanaian regardless of their location and social and economic status.”
He also encouraged continuous cooperation between telecom operators, fintech companies, banks, government agencies, and organisations like MoMAG to foster a robust and inclusive financial ecosystem.
Dr. Ashigbey advised mobile money agents to avoid practices like overcharging, poor record-keeping, and unprofessional customer service, which undermine trust and confidence in the sector.
MoMAG President Edward Ofori Agyemang highlighted some of the group’s recent achievements, including successful negotiations for higher commissions for agents, implementing various CSR initiatives, streamlining the database and identification system of its teeming membership, and the creation of 23 additional zones to the existing 12
He also expressed concern over the frequent robbery attacks on mobile money agents, some of which have resulted in fatalities. Agyemang mentioned plans to introduce a voluntary insurance scheme to help mitigate the risks faced by agents.
For his part, Deputy Director-General for Technical Operations at the NCA, Prof. Ezer Osei Yeboah-Boateng, who represented the Director General, Joe Anokye, encouraged MoMAG members to continuously update their knowledge, particularly on cyber fraud prevention, to stay ahead in the evolving landscape.
There were also solidarity messages from Mobile Money Limited, Axis Pension Trust Limited, Forms Capital, and the Ghana Police Service.
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