MoMo calls for app shift, joint fraud response
The Chief Executive Officer (CEO) of MobileMoney(MoMo) Fintech Limited, Shaibu Haruna, has called for a faster shift to app-based financial services and stronger industry collaboration to tackle fraud, saying the move was needed to improve customer experience and strengthen digital payments.
Speaking at the Fintech Partners Exchange Dialogue in Accra, he said the current structure limited the full benefits of digital finance and exposed the system to growing risks. He said the industry needed to act collectively to build a more resilient and efficient ecosystem.
He said only 1.2 per cent of transactions were going through app channels despite about 70 per cent of customers using smartphones, noting that most users still relied on USSD services.
Mr Haruna said the transition from USSD to apps must be gradual to avoid excluding customers, while improving both channels to reduce friction.
He said the industry needed to design services that were intuitive and reliable across platforms.
“We needed to move customers steadily from USSD to apps while improving both channels to reduce friction and strengthen user experience,” he said.
He said a balanced approach was required to ensure that customers without smartphones or stable internet access were not left behind, adding that inclusivity remained critical to growth.
Credit and growth
Mr Haruna said the expansion of digital lending offered new opportunities to improve access to credit for individuals and businesses.
He said recent regulatory steps by the Bank of Ghana would support the development of a stronger credit economy.
“We were building a system that improved access to credit for both lifestyle and business needs across the country,” he said.
He said Ghana’s economy remained largely prepaid, with most users required to have funds before transactions, but added that digital platforms could gradually shift the system towards more flexible financial access.
He said regulatory changes were opening up new space for fintech growth but could also disrupt existing models, making collaboration between industry players and regulators essential.
He said stronger partnerships would help scale services and deepen financial inclusion, adding that the company had completed upgrades to improve platform stability during peak periods.
“We had strengthened system capacity and would continue investing to ensure reliability as transaction volumes increased,” he said.
Fraud concerns
Mr Haruna warned that fraud had become more complex and coordinated, often involving multiple platforms and tactics such as social engineering and messaging channels.
“Fraud had evolved into organised digital networks and required joint action across the ecosystem to manage effectively,” he said.
He said no single institution could address the challenge alone, stressing the need for shared responsibility and real-time collaboration among stakeholders.
Industry outlook
He said concerns about dominance in the fintech space were misplaced, noting that the sector had multiple value streams beyond mobile wallets. He said the company generated about GH₵6 billion in revenue last year, with significant reinvestment into operations and infrastructure.
He said the company also delivered returns to more than 100,000 shareholders through dividends, adding that its role extended beyond commercial activity.
“We were operating as part of national digital infrastructure and working to support broader economic growth and inclusion,” he said.
The Chief Financial Officer of the Mobile Money Limited, Susan Yawson, said the dialogue aimed to align stakeholders on practical actions to reduce fraud and drive growth.
She said participants were expected to agree on priority actions and timelines, stressing that execution, not discussion, would determine progress.
“We had focused on building partnerships and agreeing on concrete steps to reduce fraud and strengthen trust in the system,” she said.