Over 40 mobile money fraudsters have so far been arrested across the country.

According to the Mobile Money Limited, its collaboration with the police led to this arrest.

“In terms of arrests, I won’t say individuals, we’ve done over 40 arrests already and this includes swoops which means that we are able to predict and therefore go into spaces where we believe these people may be operating from and pick them up”, Eli Hini, General Manager of Mobile Money Limited, told Joy Business at the 8th MTN MoMo Stakeholder Workshop.

He, however, reiterated the need for a centralised identification system for easy detection and apprehension of fraudsters.

While the mobile money technology has transformed monetary transactions and savings in the country, he said fraudsters continue to devise strategies to swindle innocent consumers.

He further said 11 years on since its inception, a total of GHS4 billion has gone through the MTN Mobile Money service. 

 “15.5 million Ghanaians are presently using the mobile money service, meaning there are a lot of people who have come into the space who need education to understand how the service evolves”, he pointed out.

The 8th MTN Momo Stakeholder Workshop brought together speakers within the financial and e-commerce ecosystem.

It was themed, “Boosting Growth of the Fintech Ecosystem in a Covid-19 world.”

Head of Fintech and Innovations at the Bank of Ghana, Kwame Oppong said the Central Bank has put in measures to address challenges arising from the collaboration with Fintechs in providing mobile money services.

On her part, Chief Executive of Jumia Ghana, Diana Owusu-Kyereko said Covid-19 has highlighted the need to harness electronic transactions.

Some other speakers included the Managing Director of GT Bank, Thomas Attah John and the Chief Executive of Ghana Chamber of Technology, Derrydean Dadzie.

Mr Attah John believes Fintechs need to alter their funding sources in order to thrive.