The engagement, held under the theme “Leading Fintech Solutions for Our Collective Progress – Do More With MoMo,” brought together industry players to align on priorities, share insights and develop coordinated strategies to drive growth and trust.

Chief Executive Officer of MMF, Shaibu Haruna, said the mobile money ecosystem continues to expand, with customer numbers reaching about 9 million. He noted that transaction volumes grew by 18 percent year-on-year to approximately 8.4 billion transactions, with total transaction value hitting about GH¢4.1 trillion.

On a daily basis, the platform processes millions of transactions, supported by enhanced infrastructure following a major upgrade that has significantly increased system capacity and stability, he noted.

Mr Haruna explained that the company successfully migrated to a new technology stack, nearly doubling its processing capacity to support future growth and reduce service disruptions experienced during peak periods.

Despite growing smartphone penetration estimated at about 70 percent of users, he observed that only 1.2 percent of transactions are conducted via app-based channels, with the majority still relying on USSD. He that said MMF was therefore pursuing a dual-track strategy to improve both app and USSD experiences while gradually encouraging users to adopt more advanced digital platforms.

As part of efforts to deepen innovation, MMF announced plans to roll out initiatives such as a MoMo Innovation Lab and a Fintech Partner Exchange, aimed at fostering collaboration and expanding services beyond payments into areas such as lending and wealth management.

On regulation, Mr Haruna acknowledged the role of the Bank of Ghana in introducing frameworks, including digital lending guidelines, to support ecosystem growth and innovation. He also disclosed that the company had secured regulatory approval as part of its localisation and compliance efforts, with its corporate identity now operating as MobileMoneyFintech Limited.

A major focus of the engagement was fraud, which Mr Haruna described as increasingly sophisticated and no longer limited to isolated incidents.

“Fraud is no longer just a mobile money issue; it is a digital crime ecosystem that cuts across banks, fintechs and telecom platforms,” he said.

He stressed the need for a coordinated industry response, including the development of a “centralised, real-time fraud monitoring platform” to enable intelligence sharing and faster intervention.

According to him, stakeholders were working towards establishing a framework for such a system within a 90-day period,  after which implementation could begin.

Deputy Director at the central bank’s Fintech and Innovation Office, Owureku Asare, urged stakeholders to unite in addressing risks and shaping policy direction for the sector. He emphasised the importance of protecting the mobile money ecosystem, describing it as critical national infrastructure that requires continuous collaboration.

Head of Risk at MMF, Nana Tunde Davis, noted during a panel discussion that fraudsters increasingly exploited urgency and trust to manipulate users into revealing sensitive information, allowing funds to be moved rapidly across platforms.

She stressed that customer awareness remained the strongest line of defence, cautioning users against sharing PINs or one-time passwords.

Chief Executive Officer of the Ghana Chamber of Telecommunications, Sylvia Owusu-Ankomah, called for a unified industry platform to combat fraud, noting that current interventions remained fragmented.

She emphasised the importance of strengthening SIM registration and biometric verification systems to improve identity security across digital channels.

Similarly, Chief Executive Officer of Ghana Interbank Payment and Settlement Systems, Clara Arthur, underscored the need for deeper coordination, warning that without collaboration, fraud risks could spread across interconnected platforms.

Chief Finance Officer of MMF, Sudan Yawson, described the engagement as a call to action for stakeholders to move beyond dialogue and commit to concrete steps.