MobileMoney Limited (MML), MTN Ghana’s subsidiary responsible for mobile financial services, organized its 2024 MoMo Fintech Stakeholder Forum under the theme: “Empowering Communities – Celebrating 15 Years of Progressive Financial & Digital Inclusion.”
This year’s forum, coinciding with the 15th anniversary of MobileMoney Limited (MML), brought together industry leaders to discuss issues shaping the future of digital financial services in Ghana. Previous forums have addressed topics such as payments, taxation, digital currency, and partnerships.
This year, the focus shifted to building trust among stakeholders and leveraging emerging technologies to promote financial inclusion.
Speaking at the forum, held at Labadi Beach Hotel in Accra, Shaibu Haruna, Chief Executive Officer of MobileMoney Limited, expressed the company’s commitment to driving innovation, fostering collaboration, and forming partnerships that will enable MML to reach the next frontier of financial inclusion.
Reflecting on the platform’s 15-year impact, Haruna noted that MTN Mobile Money has transformed the lives of millions of Ghanaians, significantly contributing to the country’s socio-economic growth and creating thousands of job opportunities. “It has provided a lifeline for people, businesses, and communities across the country,” he emphasized.
Haruna highlighted MML’s ongoing commitment to expanding access to financial and digital services nationwide, focusing on innovation, stakeholder collaboration, and building a resilient, inclusive digital financial ecosystem. He also noted that MML is dedicated to enhancing financial literacy, improving access to digital tools, and ensuring its services are accessible to all Ghanaians.
Reiterating MML’s goals, Haruna stressed the company’s intention to work closely with governments, regulators, businesses, FinTech companies, and the media to create an enabling environment for digital and financial inclusion.
“We will continue to invest in building a resilient and inclusive digital financial ecosystem that serves the diverse needs of Ghanaians. Beyond this forum, the company’s vision is clear: to continue empowering communities by expanding access to financial and digital services,” he added.
Addressing fraud prevention, Haruna mentioned that MML has intensified its public education efforts on Mobile Money (MoMo) fraud. The company has employed and resourced thousands of mobile agents across Ghana to provide customer and public education, regardless of network affiliation.
In a panel discussion on the forum’s theme, “Building Trust and Cooperation Among Stakeholders; Maximizing the Impact of Emerging Technologies for the Promotion of Financial Inclusion,” the panelists called for more investment in customer education to build and maintain trust in fintech operations.
The panelists — Kwame Oppong, Director of Fintech & Innovation at the Bank of Ghana (BoG); Gillian Darko, Chief of Staff and Director of Strategy at Yellow Card; Ebow Anamuah-Mensah, CTO of IT Consortium; Priscilla Hazel, Group Head of Commercial at Nsano; and Martha Acquaye, Head of Digital and Inclusive Banking at Cal Bank — agreed that the fight against fraud is a collective responsibility.
During the discussion, Kwame Oppong revealed that the Bank of Ghana plans to intensify its crackdown on illegal lending apps operating in the country. He noted that the operators of these unauthorized apps pose a significant threat to consumers and the financial sector.
Illegal apps collect personal information and photos of users when they sign up, and when borrowers default on their loans, the apps use the information to intimidate and threaten them. He cited instances where borrowers, unable to cope with the harassment, resorted to suicide.
Oppong stressed that the Bank of Ghana would not tolerate unauthorized products that destabilize the financial sector, stating that threatening to expose personal photos and confidential data of borrowers is illegal, and the central bank will continue efforts to shut down these predatory apps.
“These actions are not only unethical but also illegal. We will not allow unauthorized lending apps to take advantage of people and disrupt the financial system,” Oppong said.
The Bank of Ghana’s commitment to tackling illegal lending apps is part of a broader effort to protect consumers and ensure a stable and secure financial environment in Ghana.
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Gillian Darko, Chief of Staff and Director of Strategy at Yellow Card, highlighted Africa’s growing importance in the global digital economy, pointing to the continent’s transformative potential.
By 2025, Africa will have 900 million active internet users and $2.1 trillion in online spending, with 92% smartphone adoption expected by 2030.
She emphasized that businesses must think strategically about financial inclusion and innovative technologies to meet the continent’s rising demand.
“When it comes to Africa, we need to consider what emerging technology can tackle this shift,” Darko noted, stressing the importance of collaborating with governments and regulators to ensure technology remains customer-centric and accessible.
Africa’s mobile ecosystem alone is expected to contribute $6.4 trillion to the continent’s GDP by 2030, positioning Africa as a global leader in the digital economy.
Source: Isaac Kofi Dzokpo
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