As part of efforts to drive financial inclusion and promote a safer digital economy, MobileMoney LTD (MML), a subsidiary of MTN Ghana, has engaged the media, reaffirming its commitment to digital adoption, fraud prevention, and partnerships across the financial sector.
The Media Roundtable forms part of MML’s broader stakeholder engagement strategy aimed at fostering openness, strengthening trust, and deepening collaboration with the media.
It provided an opportunity to share insights into MobileMoney Limited’s strategic direction, industry trends, security measures, and its role in driving financial inclusion and innovation in Ghana, while also serving as a platform to promote greater collaboration within the fintech ecosystem.
Mr. Shaibu Haruna, Chief Executive Officer of MobileMoney LTD, speaking at the engagement, emphasized the importance of fostering stronger partnerships with the media to promote understanding of the evolving digital financial ecosystem.
He noted that MobileMoney LTD plays a vital role within Ghana’s financial landscape and contributes significantly to economic inclusion and digital transformation.
“For me, it’s a good opportunity for us to dialogue with you and share our perspective of the business that we run,” he said, adding that the session offers insights into how the company operates and its role within Ghana’s economy and financial landscape.
“We also want to articulate our mission and commitment to Ghana and by extension, Africa as we continue to advance financial inclusion,” he stated. “In a number of global financial inclusion indices, Ghana has made remarkable progress, even surpassing Kenya in some areas.” According to him, the forum was meant to strengthen collaboration and transparency.
“This meeting marks the beginning of a partnership that we want to form with the media on how we deal with the issues that confront our industry,” he added. “The media has a significant role to play in the evolution of the financial technology industry, helping us navigate some of the complexities around the sector.”
Mr. Haruna emphasized that the fintech space is fast-growing and dynamic, hence the need for open dialogue and collaboration with journalists.
“As leaders in the market, we also want to partner with you to ensure that we proceed on this journey together,” he said.
He also delivered a detailed presentation outlining MobileMoney LTD’s operational framework, its contribution to Ghana’s economy, and key initiatives aimed at enhancing customer experience and digital security. The presentation also showcased the company’s mission, growth strategy, and future plans for expanding its footprint across the continent.
Protecting Customers and Building Trust
Mr. Godwin Tamakloe, Chief Risk and Compliance Officer of MobileMoney LTD, also addressed the session, providing insights into the company’s robust security framework and ongoing efforts to combat mobile fraud.
He explained that financial crimes are a challenge across the global financial industry and come in different forms including cyber fraud, process vulnerabilities, and behavioural risks.
“We look at what we call the fraud triangle, which highlights vulnerabilities in financial services. These could arise from technology breaches, internal process lapses, or customer behavior,” he said.
Mr. Tamakloe revealed that MobileMoney LTD continues to invest heavily in securing its platforms, which handle over GH¢18 billion worth of electronic transactions daily.
“If anyone were to hack into our system and take away funds, it could destabilize parts of the financial sector,” he explained. “That’s why we’re constantly upgrading our systems and channels to safeguard customers’ funds and data.”
He discussed the company’s transition from USSD to app-based services, emphasizing the need for customer education to reduce vulnerabilities.
“Many people have smartphones but mainly use them for calls or WhatsApp. They’re not familiar with how apps function, which fraudsters exploit. That’s why we invest millions of cedis annually in public education to make customers our first line of defense.”
On new security measures, Mr. Tamakloe highlighted initiatives such as device binding, biometric authentication, and secondary OTP verification to provide additional layers of protection.
He also disclosed ongoing collaborations with law enforcement agencies, including the Ghana Police Service’s Cyber Crime Unit and the Economic and Organised Crime Office (EOCO), to investigate and prosecute fraud-related offenses.
“As we speak, there have been several arrests and ongoing investigations. We’re committed to working with the authorities to ensure perpetrators face justice,” he said. He emphasized that fighting fraud requires collective action across the industry.
“Fraud affects everyone the banks, telcos, and customers. That’s why we’re now working more collaboratively, not in silos, to strengthen the entire financial ecosystem,” he noted.
Collaboration for Growth
Sylvia Otuo-Acheampong, Chief Products and Services Officer at MobileMoney LTD, elaborated on the company’s collaborative approach to business within the digital ecosystem.
She explained that MobileMoney LTD’s success lies in leveraging partnerships that maximize efficiency and value creation.
“I would simply say we are collaborating to compete,” she said. “When you have common interests and serve the same customer, it’s not always about direct competition. We look for common ground where we each bring our strengths to benefit the customer.” She added that banks and fintech companies increasingly collaborate to create shared solutions.
“Each organization has unique strengths. We can’t all make the same investments for the same customer. So, we work together the banks provide services, and we provide the network. We co-create and share the product,” she explained.
Mrs. Otuo-Acheampong stressed that such partnerships help reduce costs, promote innovation, and deliver improved services to customers.
“There may be areas that look competitive on the surface, but they are actually built on collaboration. Competition brings out the best in us and collaboration ensures we reach more people faster,” she concluded.
Engaging the Media and the Public
Adwoa Wiafe, Chief Corporate Services and Sustainability Officer of MTN Ghana, expressed appreciation to the media fraternity and underscored the significance of MobileMoney LTD’s independent operations.
She explained that while the media is familiar with MTN Ghana’s stakeholder engagements, this session was designed to spotlight MobileMoney LTD (MML) as a distinct entity driving Ghana’s mobile financial services.
“For a long time, the media has engaged MTN, but this is a new phase,” she said. “Many people didn’t know that the mobile money business is run by a separate entity MML. It’s important that we create awareness about how this business operates.”
Mrs. Wiafe noted that MobileMoney LTD plays a critical role in addressing the majority of public concerns related to digital finance, hence the need for direct engagement.
“About 75% of the issues that arise during our community and media engagements relate to MoMo. That’s why it’s essential that you hear directly from MML,” she said.
She affirmed that going forward, MobileMoney LTD will continue to engage the media regularly to share updates, address challenges, and communicate progress.
“This session marks the beginning of more direct engagements with MML. You will hear from them more often not only about challenges but also the solutions being implemented,” she added.
Mrs. Wiafe expressed appreciation to the media for their participation and reaffirmed MTN’s commitment to supporting MobileMoney LTD in its mission to promote financial inclusion, transparency, and responsible digital innovation.
Strengthening Industry Partnerships
The Media Roundtable formed part of MobileMoney LTD’s broader stakeholder engagement strategy aimed at promoting openness, strengthening trust, and building stronger ties with the media.
The company reaffirmed its commitment to working closely with journalists to enhance public understanding of digital finance, improve information accuracy, and support Ghana’s journey toward a fully cashless economy.
Source: newsghana.com.gh
