We’ve seen a reduction in mobile money fraud – MTN

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General Manager of MTN Mobile Money Limited, has revealed that there has been a reduction in mobile money fraud on the company’s platform.

According to him, the significant decline in mobile money fraud can be credited to the implementation of the ‘No identification, No mobile money’ in April this year.

He further explained that his outfit has also assisted mobile money agents to properly identify individuals they are transacting business with.

Speaking at the launch of MTN mobile money month, Mr Hini noted that the telco giant is in talk with regulators to ferret out ways of addressing concerns of those who have genuinely lost their ID cards.

“We’ve seen a reduction in the fraud. But more importantly is the fact that it’s also helped our partners, which are the agents to be more in tuned so that issues that come out of that transaction are very clear. Except that we’ve also received reports from the media and some of our stakeholders that, that particular directive is also impacting access to the service. Because people who have genuinely lost their IDs in different ways are not able to access the service. So, as we speak, part of the consideration is looking at the process and how to make it better because we do not want a situation where a policy is impacting the adoption of the service.

Mr Hini further glorified the benefits of mobile money due to its ability to drive payment solutions in the country.

“From all indications, the future of momo looks bright and the focus is to drive payment solutions. I talked about the advantages of trying to digitize our financial transactions. Today, with momo and other digital platforms, you don’t need to move to make transactions”.

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Commenting on the potential in the telco sector, Mr Hini revealed that digital payment will facilitate economic transformation.

“Today, with the emergence of AfCFTA our markets have been widened and with the increasing acceptance of e-commerce, digital payments are expected to grow. We believe that if our payment platforms are fully utilised the socio-economic benefits will be enormous”.

Additionally, he explained that for nearly a decade the company has dedicated the month of August to create awareness and educate customers about the benefits of MoMo.

Following the consistency of the awareness, he revealed that MoMo month has contributed immensely to the achievements of the company.

This, he explained, included 17 million registered subscribers, 19 partner banks, more than 200,000 agents and over 7.5 billion transactions.

Mr Hini also outlined MTN’s commitment to support government’s GHQR to facilitate easy payments for goods and services.

“For us at MML, we are working towards a period where MoMo can and will be accepted for all forms of payments including paying for trotro and taxi fare, payment of tolls, and many more.

“We continue to work with partners who connect to our platforms to receive payments for their goods and services using the Merchant ID option. To this end, we fully support the governments GHQR”.

Eli Hini

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