MobileMoney Fintech Limited (MMFL), the operator of MTN MoMo, has called for greater collaboration among industry players and customers to tackle digital financial fraud, as Ghana’s mobile money ecosystem continues to record significant growth in transaction volumes.
The Chief Executive Officer of MMFL, Shaibu Haruna, said the company was investing in technology and security solutions to protect its platform and maintain customer confidence, but stressed that users also had a crucial role to play in safeguarding digital financial services.
“Our customers also need to go on the journey with us, because they are the first line and last line of defence,” he said.
He was speaking at the Fintech Media Development Series, organised by MMFL in Accra last Friday, October 9, 2026.
It was on the theme, “Understanding Fintech, Building Trust, Telling the Real Story”, to deepen media practitioners’ understanding of the fintech industry, its operations and emerging challenges.
Transaction value
Mr Haruna said the mobile money ecosystem processed GH¢3.37 trillion in transactions in August, compared with more than GH¢4 trillion for the whole of 2025.
He cautioned, however, that the figure represented transaction flows across the ecosystem and did not translate directly into revenue, as it included agent-to-agent, merchant and consumer transactions, many of which were non-chargeable.
He said MMFL processed more than 26 million transactions daily and had invested in technology upgrades, including an expansion of platform capacity that almost doubled its capacity the previous year.
Mr Haruna also identified micro-enterprises as a key growth area, highlighting the need to explore ways to digitise supply chains, improve access to credit and integrate services such as savings, insurance and investment into everyday digital transactions.
Misleading fintech reports
The Head of the Licensing and Authorisation Office at the Bank of Ghana’s Fintech and Innovation Department, Anita Ayivi, urged journalists to verify the regulatory status of digital financial service providers before reporting on or advertising their products.
She said the use of technology did not automatically authorise an institution to provide every financial service, while partnerships and the availability of an application in an app store were not proof of regulatory approval.
Ms Ayivi also cautioned against treating fraud, cybersecurity incidents, service disruptions and regulatory breaches as interchangeable, saying each required verification before conclusions were drawn.
She encouraged media organisations to check the Bank of Ghana’s published licensing information and seek clarification where necessary, particularly regarding digital lending platforms.
Industry coordination
The Chief Executive Officer (CEO) of the Digital Chamber of Ghana, Sylvia Owusu-Ankomah, outlined the evolution of the industry body in response to regulatory changes that had separated telecom operations from electronic money services.
She said the Chamber represented licensed dedicated electronic money issuers and explained that collaboration among industry players was important to strengthening Ghana’s digital financial ecosystem.
Ms Owusu-Ankomah also enumerated opportunities to extend digital financial services beyond payments into areas such as savings, insurance and pensions, while using emerging technologies, including artificial intelligence, to improve services and tackle fraud.
Partnerships
The Chief Products & Services Officer at MMFL, Sylvia Otuo-Acheampong, stressed the role of partnerships with banks, fintech companies and consumer businesses in expanding access to digital financial services, including savings, insurance and credit.
She said while some financial institutions offered savings products, others provided services such as credit scoring, payment solutions and innovation support.
