The Bank of Ghana (BoG) is set to implement a comprehensive plan to combat the rising threat of mobile money fraud, according to Kwame Oppong, Head of Fintech and Innovation at the central bank.

Speaking at the MoMo Fintech Stakeholders’ Forum, Mr Oppong announced that the regulator will engage with industry stakeholders in the coming months to roll out the initiative.

“We have looked internally and across this sector to determine how we can work together with other stakeholders to fight fraud,” he stated. “In the next few months, we will engage the industry in rolling out a comprehensive plan to address this issue.”

Mr Oppong stressed the importance of a collective effort, warning that failure to act could undermine public confidence and the sustained use of mobile money services.

The plan will focus on protecting vulnerable groups, particularly senior citizens, from fraud, ensuring they continue to benefit from the timely support that mobile money provides.

The forum, organised by MTN Ghana, was held under the theme "Building Trust and Cooperation Among Stakeholders: How to Maximise the Impact of Emerging Technologies for the Promotion of Financial Inclusion."

In his address, Shaibu Haruna, CEO of Mobile Money Ltd., highlighted MoMo's contributions over the past fifteen years and reaffirmed the company’s commitment to expanding digital and financial services across Ghana.

He called for collaboration with governments, regulators, businesses, fintech companies, and the media to create an enabling environment for digital and financial inclusion.

Ebow Anamuah-Mensah, Chief Technical Officer of IT Consortium, underscored the need to expand network connectivity, especially in rural areas, to ensure equitable access to mobile money services.

He also emphasised the crucial role of mobile money agents, describing them as indispensable to the sector and advocating for their empowerment to improve service delivery.

“We are approaching a million agents, and we need to expand that number,” he noted.

“They are a vital resource in providing financial education to the illiterate, and they are a group we cannot do without.”

The forum also explored the role of emerging technologies, such as AI, blockchain, and USSD solutions, in promoting financial inclusion.

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