Director of Fintech and Innovation at the Bank of Ghana, Kwame Oppong, has raised concerns over the rising cases of mobile money fraud.

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He explained that fraudsters are coming up with new ways to scam both mobile money vendors and users.

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Speaking at the swearing-in ceremony of the new leaders of the Mobile Money Advocacy Group, Oppong pointed out that Ghana’s mobile money regulations have been recognized as the best in the world, which is a big boost for the fintech industry.

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However, he emphasized the importance of protecting this sector from fraud.

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Since mobile money was introduced in Ghana, it has made sending and receiving money much easier. But with this convenience has come the problem of fraud, with both vendors and customers becoming victims.

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To raise awareness and protect people in the industry, the Mobile Money Advocacy Group was formed. Over the past eight years, the group has traveled across all 16 regions of the country to educate the public and mobile money operators about fraud.

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Despite some progress, fraud continues to be a challenge as scammers keep finding new tricks. To further strengthen the fight against fraud, the Mobile Money Advocacy Group has elected new executives who will lead the group for the next four years.

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Kwame Oppong assured that mobile money is benefiting the country and needs protection from fraudsters.

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Edward Ofori Agyemang, the new president of the Mobile Money Advocacy Group, shared that the group is working closely with the police to ensure the safety of mobile money vendors.

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He also provided security tips on how to protect mobile money accounts from scammers.

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