Funds stored in customers’ mobile money wallets are protected through regulated trust accounts held by partner banks and not directly controlled by fintech companies or Dedicated Electronic Money Issuers (DEMIs), the Chief Regulatory, Risk and Compliance Officer of MobileMoney Fintech LTD (MMFL), Godwin Kwami Tamakloe, has said.
Mr Tamakloe explained that the electronic money ecosystem is structured in a way that ensures every mobile money balance is fully backed by physical cash deposited with regulated financial institutions under the supervision of the Bank of Ghana.
Speaking on JoyNews’ Digital Economy Forum on the theme, “The Trust Crisis: Why Fraud is Holding Back Ghana’s Digital Economy,” he said misconceptions about the safety of mobile money balances often arise from limited understanding of how the system operates.
“The electronic money generated is not held by the Payment Service Providers or dedicated electronic money issuers like us. They all go to the bank,” he said.
He noted that mobile money platforms only serve as channels through which customers access their funds, while the actual value backing the electronic money remains secured within regulated banking institutions.
Mr Tamakloe assured customers that a temporary disruption or outage affecting a mobile money platform would not result in the loss of wallet balances, as the underlying funds remain protected in trust accounts.
“Mobile money is just the channel. The Payment Service Providers are simply the channels through which customers access their funds,” he added.
The forum brought together regulators, banks, fintech companies and cybersecurity experts to discuss measures to strengthen confidence in Ghana’s digital financial services sector and address growing concerns about fraud.
The Chief Executive Officer of the Ghana Association of Banks, John Awuah, said banks and fintech companies operate within an interconnected ecosystem and must collaborate to tackle fraud and improve customer protection.
He explained that commercial banks are increasingly relying on digital platforms supported by Payment Service Providers to deliver financial services, making cooperation essential in securing the digital economy.
Stephen Cudjoe-Seshie, Deputy Director-General for Technical Operations at the Cyber Security Authority, called for increased cybersecurity awareness and stronger partnerships among regulators, financial institutions and technology companies to respond to evolving cyber threats.
An economist at the University of Ghana Business School, Professor Godfred Bokpin, stressed that trust remains a key factor in driving digital financial inclusion. He cautioned that rising fraud cases could undermine confidence and slow Ghana’s digital transformation efforts.
Other contributors, including Ebenezer Boffour, Head of Internal Affairs at Hubtel, and Elhanan Owureku Asare, Head of the FinTech and Innovation Department at the Bank of Ghana, urged stakeholders to strengthen cooperation across the financial ecosystem.
UG, Hubtel, The panellists agreed that maintaining trust in Ghana’s digital economy would require continuous collaboration among regulators, banks, fintech companies and customers, alongside public education and effective regulatory oversight.
