Source:Isaac AMOAH/tntnewspapergh.com
The Telecommunication giant in Ghana, MTN has launched this year’s Mobile Money month in the Ashanti regional capital,Kumasi.
Activities lineup for 2023 MoMo Season celebrations include; campaigns across the country with launch activities in Accra, in Kumasi, Takoradi, Nkawkaw and Tamale.
There will also be consumer and staff promos, market storms, stakeholder fora, digital campaigns, Catch Them Young Series, MoMo fraud education among others which MTN customers are encouraged to take advantage and fully participate.
Speaking at the launching ceremony held at New KEJETIA Market on Wednesday,2nd August,2023,Mr.Nii Adotey Mingle,the General Manager of Northern Business Sector
seized the opportunity to commend
their valued partners, staff, Mobile Money Agents, Merchants, FinTech partners, financial institutions, regulators, and individuals who have been part of MTN Momo’s journey and success story.
According to him,Since its launch in 2009, mobile money remains the most revolutionary product to have been introduced to the Ghanaian financial ecosystem.
Mr.Nii Adotey Mingle
Mr.Mingle said the impact and results since then have been far-reaching and have redefined the course of Ghana’s digital payments sector.
“Today, MTN MoMo has impacted the lives of millions of people in Ghana and beyond and we couldn’t be humbled of how far we have come – from our first subscriber to over 11 million subscribers, offering mobile financial services to the banked and unbanked, and creating job opportunities for millions of Ghanaians”
MTN Officials at the launching ceremony
Various Queen Mothers
He announced that mobile money has increased access to financial services for millions of people which has led to strengthening of the payment ecosystem and deepening financial inclusion.
Mobile money,he explained has become more than just a mobile financial service.
“Now, MoMo customers have access to a wide array of services including payments, investments, insurance, remittances, pensions among others.It has redefined how we do business, how payments and transactions are made, and provided many people with livelihoods. Ultimately, it has become a way of life and continues to foster inclusion in Ghana – serving as a major means of payment for the banked and unbanked population in Ghana.
Ali Saeed, CEO of Ashcell and Nii Adotey Mingle
According to a 2022 GSMA report released earlier this year, West Africa is the world’s largest growing mobile money market, with Cote d’Ivoire, Ghana and Senegal emerging as mobile money leaders in the region.
According to the 2022 Summary of Economic and Financial Data by the Bank of Ghana, mobile money transactions in 2022 hit a record GHS 1.07 trillion despite the implementation of the e-levy as compared to about GHS 902.5 billion in 2021.
Mr.Nii Adotey Mingle said as pioneers of mobile money in Ghana and the West Africa sub region, this feat is something they are proud of and will not have been possible without their cherished customers and valued stakeholders.
The General Manager gave assurance that addressing Barriers to Digital Payments Adoption in Ghana Rising competition in Ghana’s digital payments and fintech sector, coupled with increased mobile money awareness, infrastructure and a good regulatory framework continue to drive innovation within the sector.
He admitted that “Nonetheless, despite the significant gains and progress we have made in Ghana’s digital payments sector, there are still some challenges with respect to digital payments adoption and integration in the country.
This year’s theme “Addressing the Barriers to Digital Payments Adoption in Ghana” is a step further towards realizing our Ambition 2025 strategy of leading digital solutions for Africa’s progress and leading the drive for digital and financial inclusion in Ghana and across Africa. Interoperability challenges, fake identification cards, platform infrastructure, onboarding customers, MoMo fraud among others have impeded digital payments adoption in Ghana”,he added.
Mr.Mingle said MTN Ghana and Mobile Money Limited are committed to addressing these challenges by working closely with various stakeholders and partners in a bid to build a robust, efficient, and more inclusive digital payments ecosystem in the country.
He said Mobile money has contributed immensely to Ghana’s socio-economic growth, it has also been the target of some unscrupulous persons who continue to perpetuate financial crime and MoMo fraud.
He revealed that Several customers have fallen victim to the antics of these fraudsters.
” We continue to beef up efforts across various touch points to stay ahead of them. Through robust and stringent measures, multi-sectorial collaboration as well as intensified public education, we will continue to tackle MoMo fraud and bring perpetrators to book. Our efforts have contributed to a marginal decline in these fraudulent activities.
Adding that there is still more work to be done. Data from Bank of Ghana reveals that total electronic money related losses from 2022 amounted to GHS 26 million representing a 103% increase from 2021.
He said there is therefore the need to increase fraud awareness to beef up security measures.
According to him, a multi-sectorial approach is critical to tackling MoMo fraud and other related issues.
He said MTN recently signed an MOU with the Economic and Organized Crime Office (EOCO), a partnership they believe will go a long way in addressing MoMo fraud and bringing the perpetrators to book. ” We continue to work with partners from the National Cybersecurity Authority, Ghana Police service and the Judiciary to conduct investigations into such fraud related issues. As a digital focused business, we continue to explore artificial intelligence tools to fight fraud.As a business, we continue to adhere to all international security standards to ensure that the wallets of our customers are safe”.
The General Manager disclosed that few weeks ago Mobile Money Limited (MML/MTN Momo) successfully achieved the Global System for Mobile Communications Association (GSMA) Mobile Money certification. MML was robustly assessed against eight (8) principles made up of detailed criteria set by the GSMA between November 2022 and May 2023.
These principles,he revealed include Security of Systems, Data Privacy, Safeguarding of Funds, Quality of Operations amongst others. The GSMA Mobile Money certification is a global initiative which promotes security, transparency, and resilient financial services to millions of mobile money users across the world.The possibilities of MoMo remain endless, and it is important for us as stakeholders to work collaboratively to find solutions to address the barriers that impede digital payments adoption in Ghana.
On the Way Forward,he said MTN strive and work hard to achieve their Ambition 2025 strategy of transitioning to a platform player and a full-fledged digital-first technology company, we will continue to work in collaboration with other partners and industry players to address the barriers in Ghana’s digital payments sector.
We intend to accelerate growth in the digital payments sector and further boost financial inclusion in the country by continuing to invest in digital infrastructure, by employing a multi-sectorial approach to policy formulation, and by building strategic partnerships and collaborations.
I would like to reaffirm that MTN Ghana and Mobile Money Limited are committed to leading the delivery of a bold, new digital world and brightening the lives of our customers. Together, with you”.
