The Electronic Money Issuers Chamber has rejected all allegations of systemic failure in the wake of renewed mobile money fraud concerns, insisting that its members maintain secure platforms and robust safeguards.
Its chief executive, Dr Ken Ashigbey, said licensed institutions have invested heavily in technologies and processes to protect subscribers, and he challenged authorities to produce any evidence of platform weakness.
Mobile money scams have surged in recent years, threatening Ghana’s move toward financial inclusion and a cashless economy. According to a Bank of Ghana report, there were 12 166 recorded MoMo fraud cases in 2022, which cost customers roughly 26 million Ghana cedis. Such figures have prompted the Minister for Communications, Digital Technology and Innovation, Samuel Nartey George, to summon the Chamber this week as part of wider efforts to curb financial crimes.
Dr Ashigbey argued that while fraudsters continue to exploit opportunities, they do so by manipulating users rather than breaching EMI systems. “The minister would not be able to establish that any of the EMIs have had a system that does not protect subscribers. So in terms of the robustness of the EMI platforms, it is very, very robust,” he said in an interview monitored by The High Street Journal.
He emphasised that social engineering lies at the heart of most losses, with fraudsters tricking customers into revealing passwords and one-time pins. “The challenge we have had is the challenge of social engineering,” Dr Ashigbey explained, underscoring that technical defences alone cannot stop individuals from unwittingly surrendering their credentials.
To complement its security measures, the Chamber has launched a series of public education initiatives, including awareness skits and campaigns designed to inform users about emerging scam tactics. Dr Ashigbey said these outreach efforts are intended to equip subscribers with the knowledge to spot and resist fraudulent approaches.
The EMIs Chamber’s stance highlights the need for a collaborative response to MoMo fraud, one that combines industry investment, regulatory oversight and consumer vigilance. As the Minister’s meeting approaches, both sides face mounting pressure to agree on practical steps that will safeguard Ghana’s growing digital economy without undermining public confidence a balance essential for the continued uptake of mobile financial services.
