The 2024 edition of the annual MoMo Fintech Stakeholder Forum has come to a successful climax at the Labadi Beach Hotel in Accra.
The forum was organized by Mobile Money Limited (MML), a subsidiary of MTN Ghana.
The event also coincided with the 15th anniversary celebrations since the inception of MobileMoney Electronic Banking Wallet.
The forum, which was on the theme: “Empowering Communities – Celebrating 15 Years of Progressive Financial & Digital Inclusion,” gathered key industry leaders to discuss the future of digital financial services in Ghana, focusing on trust-building and harnessing emerging technologies.
Addressing the forum, Shaibu Haruna, CEO of MobileMoney Limited, reflected on the platform’s significant impact over the past 15 years.
Haruna highlighted how MTN Mobile Money has transformed millions of lives across Ghana, contributing substantially to socio-economic growth and creating thousands of job opportunities.
He emphasized MML’s unwavering commitment to expanding financial and digital access nationwide, particularly through innovation and partnerships.
Haruna assured attendees and stakeholders that MML would work closely with governments, regulators, and other stakeholders to create an enabling environment for digital and financial inclusion.
“We have provided a lifeline for people, businesses, and communities across the country. Moving forward, our focus remains on fostering collaboration and forming partnerships that will enable us to drive the next wave of financial inclusion,” Haruna stated.
The forum also provided a platform for discussing critical issues such as fraud prevention and the need for greater customer education.
Haruna noted that MML has intensified its public education efforts on Mobile Money (MoMo) fraud, deploying thousands of mobile agents across the country to enhance customer awareness.
A key highlight of the event was a panel discussion on “Building Trust and Cooperation Among Stakeholders; Maximizing the Impact of Emerging Technologies for the Promotion of Financial Inclusion.”
The panel featured industry experts including Kwame Oppong, Director of Fintech & Innovation at the Bank of Ghana (BoG); Gillian Darko, Chief of Staff and Director of Strategy at Yellow Card; and Ebow Anamuah-Mensah, CTO of IT Consortium, among others.
The panelists underscored the collective responsibility in combating fraud and called for more investment in customer education to sustain trust in fintech operations.
During the discussion, Kwame Oppong announced the Bank of Ghana’s increased efforts to combat illegal lending apps.
He revealed that these unauthorized apps, which often use unethical methods to harass borrowers, pose a significant threat to consumers and the financial sector.
Oppong affirmed that the central bank would continue its crackdown on these predatory practices to ensure a stable financial environment.
“These actions are not only unethical but also illegal. We will not allow unauthorized lending apps to take advantage of people and disrupt the financial system,” Oppong declared.
Further emphasizing Africa’s rising prominence in the global digital economy, Gillian Darko pointed to the continent’s expected 900 million active internet users by 2025 and $2.1 trillion in online spending by 2030.
She stressed the need for businesses to strategically harness emerging technologies to meet the growing demand for financial inclusion.
The forum concluded with a renewed commitment from MML to continue investing in the development of a resilient and inclusive digital financial ecosystem that serves all Ghanaians.
