The Bank of Ghana (BoG) has acknowledged the unprecedented growth in mobile money (MoMo) usage as a powerful force for financial inclusion but has cautioned that the surge also comes with heightened risks.
First deputy governor of BoG, Dr. Mumuni Zakaria, says the threats are particularly in the areas of fraud, failed transactions, and service disruptions.
Speaking at the 2025 Africa Financial Inclusion Policy Initiative (AFIPI) meetings in Accra, Dr. Zakaria Mumuni hailed the explosion of mobile money accounts as a transformative shift in Ghana‘s financial landscape.
He revealed that Momo accounts now stand at around 70 million, driving millions into the digital financial space.
“Mobile Money accounts now exceed 70 million, introducing millions of first-time users into formal finance. And here we have been talking about inclusion, inclusion. This is one area where in Ghana, we are having an explosion and getting a lot of people to be financially included in the ecosystem,” the deputy governor observed.
This massive growth, he noted, has brought financial access to the fingertips of previously unbanked populations, including rural communities, market traders, and the informal sector, marking a significant milestone in Ghana’s long-term drive toward universal financial inclusion.
However, Dr. Mumuni did not shy away from the underlying threats accompanying the mobile money boom.
“With this growth also comes greater exposure,” he warned. “Complaints about failed transactions, fraud, and service disruptions are rising,” he added.
He stressed that financial inclusion must be built on trust in the system, service providers, and trust that grievances will be resolved fairly and swiftly.
In response to the surge in complaints and fraud cases, the Bank of Ghana is tightening regulatory frameworks to protect consumers.
Dr. Mumuni revealed that the Central Bank is enforcing complaint resolution protocols across mobile money providers an raising disclosure standards to ensure transparency in digital financial services
He added that the BoG is promoting digital financial literacy, especially among women, youth, and underserved communities
In addition, the bank is partnering with schools, religious institutions, and civil society to raise early awareness on digital safety,
These efforts are designed not only to improve security but to sustain the public’s trust and confidence in Ghana’s digital finance ecosystem.
As mobile money rapidly replaces cash transactions and traditional banking services, oversight must evolve to anticipate and counter risks without stifling innovation.
Ghana’s mobile money revolution may be setting the pace for Africa, but as Dr. Mumuni’s remarks suggest, the journey ahead requires more than just access. He insists it demands resilience, accountability, and vigilance.
Last Updated on June 24, 2025 by Senel Media
