MoMo,  Bankers Association collaborate to tackle rising digital fraud

By Eugene Davis

The Chief Executive Officer of Mobile Money Limited (MML), Shaibu Haruna, has revealed that the company is in active discussions with the Ghana Bankers Association to explore joint strategies aimed at combating the rising wave of digital fraud in the country.

According to him, digital fraud in Ghana is becoming increasingly sophisticated, extending beyond mobile money scams to include money laundering, cyber theft, and terrorist financing. He emphasized that these threats require a unified, cross-sectoral approach to strengthen financial security and sustain confidence in the digital payment ecosystem.

“We are not just looking at mobile money fraud; the threats cut across several aspects of the financial system. That is why we are engaging the banking sector to pool resources and tighten the registration and verification regime,” Mr. Haruna stated.

Cyber Threats Undermining Financial Inclusion

His remarks come in the wake of a warning from the Bank of Ghana, which has cautioned that cyber threats are increasingly undermining gains in financial inclusion. Data from the central bank indicate that financial losses from cyber-related fraud reached GH₵4.4 million in the first quarter of 2025, nearly double the GH₵2.4 million recorded during the same period in 2024.

This surge, experts say, reflects both the expansion of digital finance and the heightened sophistication of cybercriminals, highlighting the urgency for coordinated countermeasures across banks, fintechs, and telecom operators.

Ghana Card-SIM Integration Boosts Fraud Detection

Mr. Haruna underscored the importance of the ongoing SIM card registration exercise using the Ghana Card, describing it as a game-changer in strengthening identity verification and fraud prevention.

He noted that the Ghana Card-linked SIM database enables cross-institutional verification among MML, telecom operators, the National Identification Authority (NIA), and law enforcement agencies.

“Suspicious transaction patterns can now be cross-checked against verified identity records. This improves data integrity across digital financial platforms and enhances our fraud monitoring systems to flag unusual activity more accurately,” he explained.

Industry observers say the integration of the Ghana Card with SIM registration has significantly improved traceability and accountability, making it more difficult for fraudsters to hide behind fake identities or multiple mobile accounts.

From Prepaid to Credit Economy

Beyond combating fraud, Mr. Haruna called for a broader paradigm shift in Ghana’s financial landscape—from a predominantly prepaid, cash-based economy to a credit-driven ecosystem.

He argued that Ghana’s overreliance on prepaid transactions limits financial opportunities and slows down the country’s journey toward a modern and inclusive economy.

“Many Ghanaians today can access loans through our mobile money ecosystem, and we believe this is a great platform to drive a credit-based economy. The goal is to make access to credit simpler, faster, and more reliable for everyone—from small businesses to individuals,” he said.

Driving Inclusion Through Digital Credit

Mr. Haruna further pointed out that insurance penetration and savings culture remain low, particularly among small and medium enterprises (SMEs). To address this, MML is collaborating with partner banks to expand access to digital credit products such as short-term loans, overdrafts, and Buy Now, Pay Later (BNPL) facilities.

These initiatives, he said, form part of MML’s broader vision to democratize financial access, empower SMEs, and promote a culture of savings and responsible borrowing through digital innovation.

“We are working closely with our partners to deliver these solutions. It’s time we transition from a prepaid economy to a credit economy that supports growth and resilience,” he added.

Analysis

MML’s dual agenda—fighting digital fraud while driving credit-based inclusion—positions it at the forefront of Ghana’s evolving financial ecosystem.

The collaboration with the Ghana Bankers Association marks a significant step toward industry-wide intelligence sharing and joint cybersecurity frameworks.

The use of the Ghana Card for SIM and account verification strengthens KYC systems, closing loopholes that previously enabled anonymous mobile fraud.

MML’s push toward digital credit complements national goals for financial deepening and digital transformation, aligning with the Bank of Ghana’s agenda for a resilient and inclusive financial sector.