Collaboration across sectors key to tackling MoMo fraud — MobileMoney Ltd CEO

The Chief Executive Officer of Mobile Money Fintech Limited, Shaibu Haruna, has called for stronger cross-industry collaboration to tackle the growing threat of mobile money and digital fraud.

Speaking on Joy FM’s Super Morning Show on Monday, April 13, Mr. Haruna warned that fraud has evolved beyond traditional financial transactions and is now widespread across the digital ecosystem.

“It’s now happening on all rails, especially in the digital space. Once you are using the internet… fraud is in that environment,” he said.

According to Mr. Haruna, the nature of fraud has shifted significantly, affecting not only banks and fintech companies but also e-commerce platforms and online service providers.

He emphasized that addressing the issue requires a coordinated and collaborative approach involving all stakeholders within the digital economy.

“First and foremost, we need to have a much more collaborative effort as an industry to deal with it. It is no longer an issue for just the financial ecosystem,” he noted.

Mr. Haruna proposed the creation of integrated platforms that would allow institutions to share intelligence and respond quickly to emerging fraud patterns.

He stressed that banks, fintech firms, and digital service providers must work together to develop systems capable of detecting and mitigating fraud in real time.

“We need to come together and forge a mutual platform that enables us to promptly deal with some of these typologies,” he said.

The MoMo CEO also highlighted the potential of artificial intelligence to help combat digital fraud but cautioned that such technologies must be deployed within a coordinated framework.

“A lot of AI innovation can come in here to help us address these issues, but it has to be done in a very integrated manner within a certain framework,” he explained.

He added that a structured framework would ensure effective collaboration among banks, fintech companies, and e-commerce providers in tackling increasingly sophisticated fraud schemes.

Mr. Haruna concluded by stressing the need for a unified and well-regulated system that enables all players in the digital space to work together seamlessly to combat fraud.

His remarks reflect growing concerns about cybersecurity and financial fraud risks as digital transactions and online services continue to expand rapidly in Ghana and beyond.