The Chief Regulatory, Risk, and Compliance Officer of MTN Mobile Money Limited, Godwin Tamakloe, has opened up about the alarming rise in fraud attempts targeting MoMo users across the country.
Speaking in an interview on Channel One TV, he revealed that although the company sees tens of thousands of such attempts monthly, customer vigilance is making a difference.
“We have over 17 million customers doing transactions. You will, in a month, have over 23,000 people saying that there was an attempt.
That number is increasing, and for us, it is good that people are now able to see and stop the attack and say that this number called me, and this is what he was trying to do,” Tamakloe said.
According to him, MTN is tracking these reports to better understand the evolving methods scammers use. However, he admitted that not everyone escapes unscathed.
“Out of this, you have about 400 to 500 people in a month who will fall victim to these kinds of stories.
“But then the good news is that you still have a lot of people calling to say that they tried this and that, and I just cut the call, and they are still calling me, so I just switched my phone off.
“That for me assures me that some of these engagements we are doing here are going a long way to make customers that we seek become the first line of defence.”
Tamakloe stressed the crucial role of customer awareness in fighting fraud, describing end users as the most effective first layer of protection.
“When it comes to behaviour, the customer becomes the first line of defence for us. It is much of a concern to see that between 400 to 500 people in a month have been defrauded,” he added.
What is MTN MoMo
MTN MoMo (Mobile Money) is a mobile financial service offered by MTN Group, one of Africa’s leading telecom companies.
It allows users to manage a variety of financial transactions directly from their mobile phones, providing a seamless and convenient alternative to traditional banking.
With over 17 million active users in Ghana alone, MoMo has become a major player in the region’s digital financial ecosystem.
The service enables users to send and receive money, purchase airtime and data, and pay utility bills, all without needing a bank account.
It also facilitates payments at merchants, where users can make purchases via mobile money, making it an integral part of everyday transactions for many.
In some countries, MoMo is even integrated with banks, enabling users to transfer money between their MoMo wallets and bank accounts.
Beyond convenience, MoMo is also contributing to financial inclusion, especially in remote areas where access to traditional banking services is limited.
In addition to providing basic financial services, MoMo has created economic opportunities by allowing users to access loans and savings products through partnerships with financial institutions. It’s also generated thousands of jobs through MoMo agents who help users carry out transactions.
