Mobile Money LTD intensifies fight against mobile money fraud in Ghana

Chief Risk and Compliance Officer of Mobile Money Limited (MML), Godwin Kwami Tamakloe, has revealed that the company is ramping up its efforts to curb mobile money fraud through advanced technological safeguards, improved system controls, and sustained customer education.

Speaking at a media roundtable in Accra, which brought together prominent news editors and senior journalists, Mr. Tamakloe said that financial crime remains on of the biggest challenges facing the digital ecosystem, and that MML is taking a holistic approach to address it. 

Chief Risk and Compliance Officer of Mobile Money Limited (MML), Godwin Kwami Tamakloe with,  MML CEO, Shaibu Haruna 

“Wherever you go, when people talk about mobile fraud, MTN often comes up. But fraud is not just an MML issue — it’s an ecosystem challenge that affects all players in the financial sector,” he stated.

Mr. Tamakloe explained that financial crime typically arises from what he described as the “fraud triangle,” comprising technology, internal processes, and human behavior. He noted that MML continues to invest significantly in securing its platforms, which handle over GH₵18 billion in electronic cash circulation every second, emphasizing that the stability of the financial system depends on the platform’s resilience.

“A breach of our system could have a ripple effect on the broader economy. That is why we continue to invest month after month to ensure the platform remains secure,” he said.

Chief Risk and Compliance Officer of Mobile Money Limited (MML), Godwin Kwami Tamakloe and Paapa Osei, Head of Legal and Reputation Management at the Media Roundtable in Accra

He also highlighted that while MML has implemented multiple layers of security to protect users, the human behavioral element remains a major vulnerability. Fraudsters, he said, often exploit user inexperience by tricking customers into sharing one-time passwords (OTPs) or unknowingly allowing unauthorized biometric registrations.

To counter these tactics, MML has introduced biometric verification upgrades, device binding technology, and enhanced authentication features that ensure accounts are only accessible from verified devices. “Today, if your wallet is registered on one device, it cannot be accessed from another without official verification. This has significantly reduced the risks of unauthorized access,” he noted.

Group photo of MML CEO, Shaibu Haruna and journalists after the Media Roundtable meeting 

Mr. Tamakloe further emphasized that customer education is key to fraud prevention, adding that MML is investing millions of cedis annually in public awareness campaigns to empower customers to protect themselves.

“Trust is the foundation of our service. We are protecting not just our customers, but also the stability of Ghana’s financial ecosystem,” he affirmed, reiterating MML’s ongoing commitment to collaboration, transparency, and innovation in building a secure and inclusive digital finance environment.

Sylvia Otuo Acheampong, Chief Products and Services Officer with a colleague at the Media Roundtable meeting 

Present at the roundtable were Sylvia Otuo Acheampong, Chief Products and Services Officer; Paapa Osei, Head of Legal and Reputation Management; Grace Baiden Agyapong, Head of Internal Audit; Solomon Hayford, Head of Business Intelligence and Analytics; Abdul Majeed Rural, Senior Manager, Channel Development; and Richard Asante, Senior Manager, Technology.

By:  Nana Appiah Acquaye