MTN MoMo Forum Strengthens Commitment to Responsible Digital Lending

MobileMoney Limited (MoMo), a subsidiary of MTN Ghana, has hosted its Annual Fintech Stakeholder Forum in Accra, bringing together key players from Ghana’s financial, regulatory, and technology sectors to discuss the future of digital finance and the rollout of the Bank of Ghana’s Digital Credit and Asset Guidelines.

The event brought together regulators, fintech operators, think tanks, academics, and private sector leaders to discuss ways to enhance financial inclusion, improve consumer protection, and promote responsible lending in Ghana’s rapidly evolving digital finance landscape.

Shaibu Haruna: Collaboration Is Key to Responsible Digital Lending

Chief Executive Officer of MobileMoney Limited, Shaibu Haruna, described the forum as both timely and refreshing, emphasizing the need for stronger collaboration between regulators and industry players to sustain the digital transformation momentum.

“We’ve done a great job in giving people access to financial services, but what we now need to do is deepen usage particularly in lending and digital assets,” Mr. Haruna stated.

He urged stakeholders to collectively address borrower defaults, strengthen credit systems, and reduce the cost of borrowing through smarter risk management.

According to him, MobileMoney Limited remains committed to working with the Bank of Ghana and other partners to improve transparency, compliance, and consumer confidence while ensuring that the digital lending market remains safe and sustainable.

“The fintech ecosystem has matured significantly,” he added, “but collaboration is what will guarantee responsible growth and lasting innovation across Ghana’s digital finance landscape.”

“When the ecosystem grows, Ghana grows,” Shaibu Haruna added . “And when Ghana grows, every digital player thrives.”

IMANI Calls for Harmonized Policy and Global Best Practices

The IMANI Center for Policy and Education presented an evaluation of Ghana’s Digital Credit and Asset Guidelines, assessing their potential to boost cross-border trade, enhance lending practices, and strengthen the broader financial ecosystem.

Presenting the findings, Selorm Branttie, Honorary Vice President of IMANI, highlighted the Bank of Ghana’s central role under the Non-Bank Financial Institutions Act, 2008 (Act 774), supported by emerging directives such as the Digital Credit Services Directive and Virtual Asset Service Providers Regulations.

“This policy space represents the future of finance,” Mr. Branttie said. “To build a sustainable digital economy, Ghana must ensure that credit, lending, and digital assets are properly regulated with clear consumer protection and transparent risk management.”

He underscored the importance of sandbox testing and inter-agency coordination among the Bank of Ghana, Securities and Exchange Commission, and Data Protection Commission to foster innovation and trust within the fintech sector.

Branttie emphasized the importance of a unified policy framework to tackle emerging risks in digital finance, such as data privacy, cross-border remittances, and cryptocurrency adoption.

ISSER Study Reveals High Default Rates Among Young Borrowers

Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana, presented findings from ISSER’s market readiness study on the new digital credit framework.

He noted that Ghana’s digital finance ecosystem remains well-developed, with robust infrastructure and widespread mobile money penetration. However, challenges such as trust deficits, high interest rates, and predatory lending persist.

Using data from MobileMoney Limited, Prof. Quartey revealed that Accra recorded the highest loan activity, with a significant proportion of borrowers defaulting on repayment particularly among younger users.

“We found that about 40 percent of borrowers fully defaulted, mainly due to high interest rates,” he stated. “This calls for clear regulatory benchmarks for interest rate determination across the industry.”

He emphasized that borrower protection must be balanced with measures that safeguard lenders, calling for enhanced financial literacy in rural areas and the use of AI-driven credit scoring systems to minimize default risks.

“These directives must align policy with market realities,” he concluded. “It’s time to build a financial architecture that drives SME growth and national development.”

Sylvia Otuo-Acheampong: Innovation and Co-Creation Are the Future

During a panel session, Sylvia Otuo-Acheampong, Chief Products and Services Officer at MobileMoney Limited, outlined MoMo’s ongoing efforts to improve service delivery, expand responsible lending, and strengthen collections.

She revealed that while MoMo currently serves nearly 18 million customers, only about 4 million are active borrowers, indicating significant potential for credit expansion.

“Two things stood out for me  the opportunity that still exists in the market, and the need to improve collections,” she noted. “We appeal to our financial and fintech partners to look beyond their traditional circles and leverage the MoMo platform to reach new customers.”

She disclosed that MoMo has introduced a loan checker system across fintech partners to prevent multiple borrowing and improve repayment discipline.

“We’re also working on intelligent customer value management systems that gently remind borrowers about repayments  not through intrusive messages, but through smart, non-disruptive tools,” she said.

According to her, these innovations reflect MoMo’s commitment to building a sustainable and inclusive credit ecosystem that balances profitability with consumer protection.

Tara Squire: A Unified Ecosystem Is the Best Defense Against Fraud

Mr Tara Squire, Executive Director for Consumer Banking at Ecobank Ghana, affirmed that digital lending is here to stay and urged all players to stay ahead of the curve.

“It’s heartwarming that we treat this as an ecosystem, not a competition,” she said. “At the end of the day, we’re all here to serve the Ghanaian.”

He stressed that consumer protection in an open digital environment requires collaboration, education, and stronger technology systems.

“Fraud is unfortunate but real. No single tool can eliminate it,” she explained. “But by sharing information, driving innovation, and adopting better technology, we can reduce its impact and build trust.”

Mr Tara  also noted that about 3.4 million Ghanaians are engaged in crypto-related transactions and expressed confidence in the Bank of Ghana’s efforts to establish a clear regulatory framework for digital currencies.

“As systemic banks, we will work closely with the central bank to implement whatever policies are introduced,” she assured.

Ethel Cofie: Trust Is the True Infrastructure of Fintech

Ethel Cofie, CEO of EDEL Technology Consulting, also emphasized that the future of fintech depends on trust not just between consumers and service providers, but across the entire financial infrastructure.

“Trust is not just a consumer issue; it’s an infrastructure issue,” she said. “We must think beyond consumer trust to how data moves across systems from one financial institution to another — to ensure transparency, accountability, and sovereignty.”

Cofie underscored the importance of data sovereignty and interoperability in building a resilient digital financial ecosystem.

She commended ongoing discussions around sandboxing and SME innovation, describing them as essential to creating a dynamic, trusted, and inclusive fintech environment.

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The Journey Ahead

The event reaffirmed MobileMoney Limited’s commitment to building a secure, transparent, and inclusive digital finance ecosystem that supports Ghana’s broader economic transformation agenda.

Moreover, participants at the forum unanimously agreed that the successful implementation of the Digital Credit and Asset Guidelines relies on ongoing dialogue, effective consumer education, and stronger collaboration among regulators, financial institutions, technology innovators, and academia.

 

Source: Isaac Kofi Dzokpo