In a move to safeguard the country’s financial system, Head-Fintech and Innovation, Bank of Ghana (BoG), Kwame Oppong has announced the regulator’s initiative to implement a comprehensive plan in addressing the growing menace of mobile money fraud.
He indicated that the regulator intends to engage stakeholders in rolling out the plan over the coming months.
“We have looked internally and through this sector to see how we can work with you in concert with other stakeholders in the fight against fraud. In the next few months, we are going to engage industry in rolling out a comprehensive plan to address the issue of fraud,” he said
Speaking at the MoMo FINTECH stakeholder’s forum, he emphasised that failure on the part of stakeholders in collectively working to fight fraud within the system could negatively affect “continued and sustained use and confidence in the industry”.
Mr. Oppong further noted that the plan will particularly focus on how senior citizens and the vulnerable in society can be protected from fraudsters’ schemes so they can “continue to benefit from the livelihood and timely support that mobile money provides them”.
The forum, organised by MTN Ghana, was held on the theme ‘Building trust and cooperation among stakeholders; How to maximize the impact of emerging technologies for the promotion of financial inclusion’.
He highlighted other pragmatic steps toward the fight against momo fraud, including collaboration between industry players and law enforcement to create an uncomfortable environment for illicit actors in the space.
Source: B&FT
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