Businesses Stop Mobile Money Payments Amid Fraud Surge
Some businesses in Ghana are now refusing mobile money payments due to a surge in mobile money fraud cases across the country.
According to business owners who spoke to Joy Business, their decision to stop accepting mobile money is driven by repeated experiences and growing fears of fraud, including fake payment alerts, reversal fraud, and insider fraud involving compromised agents.
One business owner expressed frustration, saying, “I don’t accept Mobile money again because of these fraud cases. Sometimes a customer will come and buy something and then call MTN to retrieve the money. It has happened to me so many times that I’m not taking Mobile Money again. The losses are too much for my business to handle.”
Another business owner shared a similar concern, stating, “I don’t take MoMo because some customers don’t add the charges, and whenever I go and cash out, they take charges, and my money reduces at the end of the day.”
Consumers are also feeling the impact, with many expressing frustration and inconvenience at being asked to pay with cash instead of mobile money. Some shoppers say it slows down transactions and, in some cases, prevents them from completing purchases altogether.
Others worry that carrying cash increases the risk of theft, especially in busy commercial areas where mobile money was once seen as a safer alternative. A consumer noted, “I honestly don’t like it when I go to buy something and the person tells me they don’t take momo. I’m like, how don’t you take Momo in this 21st century?”
In response to these concerns, mobile network operators are strengthening measures to combat fraud. Senior Manager at Fintech Abdul-Majeed Rufai told Joy Business that enhanced security systems have been introduced to detect suspicious transactions, and education campaigns are being rolled out to help businesses and agents better protect themselves.
Mr. Rufai assured businesses of safer mobile money transactions, noting that measures are being implemented to strengthen security and combat fraud. He advised businesses to safeguard their account credentials and promptly report any suspicious activity to their service providers.
As Ghana pushes forward with its digital payments agenda, ensuring the safety and reliability of mobile money platforms remains critical. Until confidence is fully restored, many businesses say they will continue to weigh convenience against risk, raising questions about the future of mobile money as Ghana’s preferred payment method.
Image Source: MYJOYONLINE
