MobileMoney FinTech LTD (MMFL) has assured mobile money users that the physical cash backing their electronic wallet balances is securely held in regulated trust accounts with partner banks under the supervision of the Bank of Ghana, and not by FinTech companies or Dedicated Electronic Money Issuers.
The assurance comes amid growing concerns over fraud and public confidence in Ghana’s digital financial services.
The Chief Regulatory, Risk and Compliance Officer of MobileMoney FinTech LTD, Mr Godwin Kwami Tamakloe, said misconceptions about the safety of mobile money balances largely stem from a lack of public understanding of how the country’s mobile money ecosystem operates.
He gave the assurance while speaking at JoyNews’ Digital Economy Forum held under the theme, “The Trust Crisis: Why Fraud is Holding Back Ghana’s Digital Economy.”
The forum brought together regulators, commercial banks, FinTech companies and cybersecurity experts to discuss strategies for strengthening trust, enhancing consumer protection and deepening collaboration across Ghana’s digital financial services sector.
Mr Tamakloe explained that although customers access their funds through mobile money platforms, every unit of electronic money in a customer’s wallet is fully backed by an equivalent amount of physical cash deposited in regulated trust accounts with partner banks.
According to him, Payment Service Providers and Dedicated Electronic Money Issuers merely provide the digital channels through which customers access their money.
“The electronic money generated is not held by the Payment Service Providers or dedicated electronic money issuers like us. They all go to the bank,” he said.
He stressed that the structure of the mobile money ecosystem provides an additional layer of protection for customers because the underlying funds remain in the banking system regardless of the digital platform used to access them.
Mr Tamakloe further explained that customers would not lose the money in their wallets if a mobile money platform experienced a technical outage or temporary service interruption because the actual funds remain safely deposited with regulated partner banks.
“Mobile money is just the channel. The Payment Service Providers are simply the channels through which customers access their funds,” he stated.
He emphasised that banks and FinTech companies operate as complementary partners within an interconnected financial ecosystem governed by the Bank of Ghana’s regulatory framework, which is designed to safeguard customer funds and preserve confidence in digital financial services.
The forum also highlighted growing concerns about digital fraud and the need for greater collaboration among stakeholders to protect consumers.
Chief Executive Officer of the Ghana Association of Banks, Mr John Awuah, said commercial banks are increasingly delivering financial services through digital platforms supported by Payment Service Providers, making collaboration between banks and FinTech companies essential in combating fraud.
Deputy Director-General for Technical Operations at the Cyber Security Authority, Mr Stephen Cudjoe-Seshie, called for stronger cybersecurity awareness and closer cooperation among regulators, financial institutions and technology firms as cyber threats become increasingly sophisticated.
Economist at the University of Ghana Business School, Professor Godfred Bokpin, described trust as the foundation of digital financial inclusion, warning that persistent fraud could undermine public confidence and slow Ghana’s digital transformation agenda.
Other contributors, including the Head of Internal Affairs at Hubtel, Mr Ebenezer Boffour, and the Head of the FinTech and Innovation Department at the Bank of Ghana, Mr Elhanan Owureku Asare, also advocated stronger collaboration across the financial ecosystem to enhance consumer protection while promoting innovation.
Participants agreed that sustaining confidence in Ghana’s digital economy would require continued cooperation among regulators, banks, FinTech companies, cybersecurity institutions and customers, supported by sustained public education, effective regulation and stronger anti-fraud measures.
