MobileMoney Limited (MML) and the Economic and Organised Crime Office (EOCO) have signed a Memorandum of Understanding (MOU) to address the issue of mobile money fraud and related matters across the country.
The historic partnership comes as the need for more concerted efforts by stakeholders and multi-sectorial collaboration to tackle mobile money and internet fraud becomes more critical and urgent.
According to the Banking Sector Fraud Report from the Bank of Ghana, in 2022, Ghanaians were defrauded to the tune of GHS82 million within the formal financial space, out of which GHS26 million were mobile money related and the remaining GHS56 million is via digital banking and other channels within the mainstream banking sector.
The central bank therefore urged all stakeholders within the financial, technology, cybersecurity, and law enforcement sectors to collaborate and stem the tide as the use of technology to drive financial inclusion, has exposed a greater majority of Ghanaian, particularly the uneducated to digital finance risks.
Speaking at a short ceremony in Accra, the Executive Director of EOCO, COP Maame Yaa Tiwaa Addo-Danquah, bemoaned the challenges organised crime presents and underscored the need for the partnership between the two institutions.
“Organised crime remains a challenge to law enforcement agencies globally and at EOCO we are committed to delivering on our mandate of combating economic and organised crime. Despite the fact that mobile money has presented several benefits to Ghanaians and made payments and transactions easier and more convenient, it has also given room for criminals to undertake fraudulent activities. Therefore, dealing with crimes facilitated by the internet requires increased collaboration.”
She added that “Through strategic partnerships and collaborations such as these, with MobileMoney Limited, we are certain that we will be able to address the issue of mobile money fraud, bring perpetrators to book and stay ahead of economic and organised crime in line with our five-year strategic plan. We have no doubt that operationalizing the MoU will lead to significant progress in combating MoMo fraud.”
COP Maame Yaa Tiwaa explained that the partnership presents an opportunity for increased capacity building and sustained public engagement to combat mobile money fraud.
CEO of MobileMoney Limited (MTN MoMo), Shaibu Haruna, reiterated MML’s commitment to combating MoMo fraud in partnership with government and other stakeholders.
“For us, we believe this partnership with EOCO will go a long way to build robust measures that will help us combat the surge in financial crime across the country. As a leading provider of digital financial services, we believe it is important for us to work collaboratively with EOCO to tackle fraud and organised crime and ensure that we continue to provide our customers and the general public a safe and reliable way of doing business and making transactions. Through this partnership, we are certain that we will be able to tackle these issues and we will continue to work with all law enforcement agencies to ensure that these perpetrators are brought to book.”
He added that the collaboration will be a continuous effort and indicated that MML will continue to work with all relevant stakeholders to address the menace.
According to Bank of Ghana’s recent report on fraud in the industry, even though there was a slight decrease in the number of incidences reported between 2021 -2022, the value of what has been lost through MoMo has increased quite significantly. The report indicated that GHS 26 million was lost through electronic money related transactions, representing a 103 percent increase as compared to 2021. In view of this, there is the need to increase security and fraud awareness as the use of mobile money and digital payments becomes the preferred mode of making payments.
Through the partnership, MML and EOCO will implement robust and stringent measures and intensify public education on MoMo fraud and other related issues. Over the years, MML has been committed to tackling the surge in MoMo fraud calling for multi-sectorial collaboration and interventions such as consumer education to raise awareness and empower individuals to protect themselves against fraud.
