Accra: MobileMoney Fintech Limited (MMFL) has assured customers that funds in mobile money wallets are protected through regulated trust accounts maintained with partner banks. The company affirmed that electronic money used in mobile money transactions is fully backed by cash held in trust accounts under the supervision of the Bank of Ghana.
According to Ghana News Agency, Mr. Godwin Kwami Tamakloe, Chief Regulatory, Risk and Compliance Officer of MMFL, provided this assurance at the JoyNews Digital Economy Forum in Accra. The event, themed 'The Trust Crisis: Why Fraud is Holding Back Ghana's Digital Economy,' highlighted concerns about the security of mobile money transactions. Mr. Tamakloe clarified that electronic money is not held directly by Dedicated Electronic Money Issuers (DEMIs) or fintech companies but by partner banks under the Bank of Ghana's regulatory framework.
Mr. Tamakloe emphasized that the electronic money generated is not retained by Payment Service Providers or DEMIs but is directed to partner banks. This arrangement ensures that customers' funds remain protected, regardless of any digital platform used for transactions. He further explained that customer funds remain secure even during technical challenges or service interruptions on mobile money platforms, as the underlying cash is held within the banking system.
He stressed that mobile money serves merely as a channel through which customers access their funds, with Payment Service Providers acting as facilitators. Banks, fintech companies, and payment service providers form an interconnected financial ecosystem, supported by a regulatory framework designed to safeguard customer funds and maintain trust in digital financial services.
Participants at the forum highlighted the need for increased collaboration to combat fraud and strengthen consumer protection. Mr. John Awuah, CEO of the Ghana Association of Banks, noted the growing importance of cooperation between banks and fintech companies as digital platforms continue to expand financial services.
In addition, Mr. Stephen Cudjoe-Seshie, Deputy Director-General for Technical Operations at the Cyber Security Authority, called for enhanced cybersecurity awareness and closer cooperation among regulators, financial institutions, and technology firms to counter increasingly sophisticated cyber threats. Professor Godfred Bokpin of the University of Ghana Business School emphasized that trust is fundamental to digital financial inclusion and warned that persistent fraud could undermine Ghana's digital transformation if consumers lose confidence in digital financial services.