Accra, Ghana – July 28, 2026 — MobileMoney Fintech LTD (MMFL) has reassured millions of mobile money users in Ghana that funds stored in their MoMo wallets are secure because the physical cash backing every electronic balance is held in regulated trust accounts with partner banks under the supervision of the Bank of Ghana.
Speaking during JoyNews’ Digital Economy Forum, the Chief Regulatory, Risk and Compliance Officer of MMFL, Godwin Kwami Tamakloe, explained that many Ghanaians misunderstand how the mobile money ecosystem operates, leading to unnecessary concerns about the safety of their wallet balances.
The forum, themed “The Trust Crisis: Why Fraud is Holding Back Ghana’s Digital Economy,” brought together regulators, banks, fintech companies, cybersecurity professionals, and industry leaders to discuss practical ways of strengthening public confidence in Ghana’s digital financial services.
According to Mr. Tamakloe, although customers access their funds through mobile money platforms, the actual cash equivalent of every electronic balance is securely deposited in regulated trust accounts managed by partner banks.
“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 stated.
He stressed that this regulatory framework ensures customer funds remain protected regardless of the platform used to access them.
Mr. Tamakloe further assured customers that even if a mobile money platform experiences technical challenges or temporary service interruptions, users would not lose the money stored in their wallets because the underlying funds remain safely held by the banking institutions.
“Mobile money is just the channel. The Payment Service Providers are simply the channels through which customers access their funds,” he added.
He emphasized that banks and fintech companies are partners within Ghana’s interconnected financial ecosystem, working together under Bank of Ghana regulations to safeguard customer funds and maintain confidence in digital financial services.
Industry Leaders Call for Greater Collaboration
Other panellists echoed the importance of collaboration in addressing fraud and protecting consumers.
Chief Executive Officer of the Ghana Association of Banks, John Awuah, noted that commercial banks increasingly rely on digital channels provided by Payment Service Providers, making cooperation between banks and fintech firms essential in tackling financial fraud.
Deputy Director-General for Technical Operations at the Cyber Security Authority, Stephen Cudjoe-Seshie, highlighted the growing sophistication of cyber threats and urged stronger cybersecurity awareness alongside closer cooperation between regulators, financial institutions, and technology companies.
Economist Professor Godfred Bokpin of the University of Ghana Business School described trust as a critical pillar of digital financial inclusion, warning that persistent fraud could slow Ghana’s digital transformation if public confidence weakens.
Additional contributions came from Ebenezer Boffour, Head of Internal Affairs at Hubtel, and Elhanan Owureku Asare, Head of the FinTech and Innovation Department at the Bank of Ghana, both of whom advocated stronger collaboration across the financial ecosystem to enhance consumer protection while encouraging innovation.
The panel concluded that sustained public education, effective regulation, and continued cooperation among regulators, banks, fintech companies, and consumers will be essential in maintaining trust and accelerating Ghana’s digital economy.
Source: MobileMoney Fintech LTD
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