GhanaWeb TV




Future of MoMo industry hinges on partnerships - CEO

Mobile Money Vendor1212 Mobile Money has improved the efficiency of cash transactions

Fri, 12 Aug 2022 Source:

For the country to foster gains and promote sustainable economic growth through the Mobile Money industry, there is need to leverage the power of collaboration and partnerships, the Chief Executive Officer of Mobile Money Limited, Eli Hini, has said.

Partnerships and the contribution of other players within the industry, he said, will help drive and accelerate growth of the digital payments ecosystem and further develop the industry.

“With digitisation and innovation at the forefront and consumers opting for fast and convenient ways to make payments and transactions, digital payments have come to stay. Fostering and accelerating growth in digital payments requires the shared responsibility of all stakeholders; mainly subscribers, regulators, partners and media, as well as other stakeholders in the digital finance sector.

“We cannot do it alone, and so there’s a need to engage like-minded businesses which also see the future of this business as pivotal to development of this country so we can work together and drive digital financial services across the length and breadth of this country to bring convenience to our customers, to our business people, and the way we do our business. Because that way, we can accelerate growth.”

Mr. Hini said this during the launch of MoMo Month held in Accra last week under the theme ‘Accelerating Growth in Digital Payments – The Role of Partnerships’.

As part of the drive, he emphasised the company’s resolve to continue strengthening its partnership with banks, insurance companies and other financial institutions to deepen digital payments.

“Again, we promote our MoMo Business Platform, the MoMo open API, the Merchant App and Consumer Apps through sustainable partnerships. This is mainly because we cannot grow the digital payments platform without collaborating with like-minded organisations,” he added.

He also stressed the need for customers to stay vigilant as the industry continues to battle fraud over the years.

“One prevalent challenge that financial institutions face is the issue of fraud. For us at Mobile Money Limited, our fight against fraud continues unabated.”

A recent Bank of Ghana report showed that the total value of money lost from Mobile Money-related fraud on the platform operated by Electronic Money Issuers (EMIs) in Ghana had reached GH¢12.8million in 2021.

The report said about 90 percent of the incidents were originated from MTN Mobile Money, and 99 percent of the cases were related to transfers to wrong persons or cash-reversal type of complaints.

Meanwhile, Mr. Hini in his address said: “The 3 Golden rules remain paramount in our fight against fraud. Let us not share our PIN or engage in conversations about our wallet. We should also not let others transact on our behalf”.

Related Articles: