Author: William Nana Beeko
This year 2024 marks a very significant milestone—the celebration of 15 years of MTN MoMo.
At this point in time, we acknowledge the strides we have made but also we need to assess and confront one of the most pressing challenges we face which is the mobile money fraud.
This is an issue that threatens not only the trust and security of our customers but also the future of digital financial services in our nation.
Over the past 15 years, MTN MoMo has revolutionized how we transact, offering convenience, security, and financial inclusion to millions.
However, as with any innovative system, it has also become a target for those who seek to exploit it for criminal gain.
Mobile money fraud has emerged as a significant threat, and it is clear that the battle against this menace cannot be won by MTN alone.
It must be a shared responsibility, involving all stakeholders—telecommunications companies, financial institutions, government agencies, law enforcement, and, crucially, the public.
It is also worth mentioning that MTN from time to time takes to social media to educate the public.
Some of these caution notes in the form of digital campaign flyers often circulated can be found here:
Why Should MOMO FRAUD Be A Shared Responsibility?
• Complex and Evolving Threats
Mobile money fraud is not a simple, one-dimensional crime. It is sophisticated, involving a range of tactics from phishing and social engineering to SIM swaps and insider collusion.
These threats are constantly evolving, and no single entity can stay ahead of them alone. Collaboration is essential.
Telecommunications companies must work hand in hand with financial institutions to identify and close vulnerabilities. Government agencies and law enforcement must support this effort by enacting and enforcing robust regulations, and by prosecuting those who commit these crimes.
• Building Trust in the System
Trust is the foundation upon which mobile money services are built. When customers use MoMo, they do so with the belief that their money is safe.
Every instance of fraud erodes this trust, not just in MTN, but in the entire digital financial ecosystem. To restore and maintain this trust, we need a collective approach.
We need the media to educate the public on safe practices, we need community leaders to speak out against fraud, and we need customers to be vigilant and informed. Trust can only be rebuilt if everyone plays their part.
• Empowering the Public
Customers are often the first line of defense against fraud. Yet, many fall victim because they are unaware of the tactics used by fraudsters.
It is our collective responsibility to ensure that everyone—from the most tech-savvy urban dweller to the elderly in rural communities—understands the risks and how to protect themselves.
This means ongoing education and awareness campaigns, simplified and accessible communication about how to spot and avoid scams, and a commitment to transparency when breaches occur.
• Legal and Regulatory Framework
Effective laws and regulations are critical in the fight against mobile money fraud. But these must be more than just words on paper. They need to be enforced with vigor, and this requires the cooperation of all stakeholders.
We call on the government to continue refining and enforcing regulations that protect consumers and hold perpetrators accountable. We also ask for support in enhancing the capabilities of our law enforcement agencies, so they can respond swiftly and effectively to cases of fraud.
• Technological Innovation
As fraudsters become more sophisticated, so too must our defenses. This is where technology comes into play. We must invest in and leverage advanced technologies such as artificial intelligence, machine learning, and biometrics to detect and prevent fraud before it happens. But technology alone is not enough—it must be supported by a culture of vigilance and a commitment to continuous improvement.
This requires collaboration across industries and sectors to share knowledge, insights, and best practices.
The war against MoMo fraud is not one that MTN, or any single entity, can win alone.
It is a battle that requires the collective effort of all of us—telecommunications companies, financial institutions, government, law enforcement, the media, community leaders, and customers.
As we celebrate 15 years of MTN MoMo, let us commit to working together to protect what we have built.
Let us ensure that mobile money remains a secure, trusted, and inclusive financial service for all. By sharing the responsibility, we can—and we will—win this war.
