The Mobile Money Advocacy Group Ghana has thrown its full support behind sweeping sanctions imposed on mobile money agents by Mobile Money FinTech Ltd, following a major regulatory exercise that uncovered widespread fraudulent practices within the sector.
The latest crackdown comes as oversight tightens in Ghana’s rapidly growing mobile money ecosystem, with stakeholders pushing to restore trust and safeguard users against fraud.
In a press statement issued on Monday, MoMAG confirmed that more than 900 agent accounts had been permanently terminated, while over 100 others were handed one-month suspensions after being implicated in misconduct that put customers at risk.
According to the group, investigations revealed that some agents engaged in unethical practices, including sending transaction prompts to customers without their knowledge and making unsolicited calls in attempts to socially engineer victims and siphon funds from their wallets.
“Following intervention and dialogue, over 8,000 agents were cautioned and warned to respect agent regulations, promote the enhancement of the ecosystem, and continue normal operations,” the statement noted.
MoMAG praised Mobile Money FinTech Ltd for its handling of the situation, particularly its decision to provide a 72-hour window for affected agents to access and withdraw funds from their accounts before termination.
The group described this move as evidence of responsiveness and a willingness to engage stakeholders during the process.
The association also commended the leadership of Shaibu Haruna, whose intervention it said ensured fairness by allowing agents who believed they were wrongly sanctioned to present their cases.
“His leadership provided agents who believed they had been wrongfully included in the sanctions the opportunity to come forward, present their cases, and seek justice,” MoMAG stated.
Despite the severity of the sanctions, the group emphasized that the majority of its members remain compliant, describing the episode as a critical learning moment for the industry.
It warned that adherence to established guidelines is non-negotiable, stressing that “when MoMAG provides guidance and advice, compliance is essential.”
MoMAG further used the occasion to renew calls for all mobile money agents to join recognized associations, arguing that unaffiliated operators often lack the support systems needed during regulatory actions.
In a strong advisory to the public and agents alike, the group urged an immediate halt to remote or proxy “cash-out” transactions.
It insisted that customers must be physically present with their phones for all withdrawals and deposits, warning that such risky practices contributed significantly to the infractions recorded.
