Some Businesses are turning down mobile money payments from consumers as cases of MoMo fraud continue to rise across the country.
Speaking to Joy Business, some business owners have expressed concerns over mobile money fraud.
Several business owners say their decision not to accept mobile money is driven by repeated experiences and growing fears of fraud.
Common tactics include fake payment alerts, reversal fraud—where customers make payments, collect goods and later reverse the transaction—and insider fraud involving compromised agents.
” 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 said, ”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”
For some consumers, the shift away from mobile money payments has created frustration and inconvenience.
Many shoppers say being asked to pay with cash 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.
” 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? Most of the time, because I don’t carry cash, I just walk away and don’t buy the thing again, and these business owners will just watch you go away.”
” It’s very stressful to carry money around, sometimes you even misplace the cash and so I personally don’t think it’s good for some business to decide not to take momo. I honestly don’t understand it.”
To address these concerns, mobile network operators say they are strengthening measures to combat fraud.
Speaking to Joy Business, Senior Manager at Fintech, Abdul-Majeed Rufai said enhanced security systems have been introduced to detect suspicious transactions, while education campaigns are being rolled out to help businesses and agents better protect themselves.
He assured businesses of safer mobile money transactions, noting that measures are being implemented to strengthen security and combat fraud.
”The assurance that the businesses will have is the fact that your money is safe in your wallet. Since we launched the service, nobody, no single business or individual has come to us and said I have money on my wallet the money just vanished. It has never happened before because your PIN is your secret. The system is safe, foolproof.
That is the assurance we can give to each and every individual: no matter what you do, your money cannot move without you disclosing your PIN or moving money out of your wallet yourself to someone.
He further outlined some measures businesses and customers can take to avoid becoming victims of mobile money fraud. Please adhere to the three golden rules that we keep on telling you.”
Mr Abdul-Majeed further admonished businesses to adopt precautionary measures to protect themselves from falling victim to mobile money fraud.
He advised businesses to safeguard their account credentials and promptly report any suspicious activity to their service providers.
According to him, these steps are critical in reducing losses and restoring confidence in mobile money transactions.
“One, do not disclose your pin, it’s your secret. Even to your wife or your husband, do not disclose your PIN, because once you do, you compromise your wallet.
“Never allow anyone to make transactions on your behalf, because once you do, you are disclosing your PIN. And the third thing is never discuss any wallet transaction that involves your pin or your wallet with anybody.
“Also, any number that calls that is not 0244 300,000, please do not discuss your wallet with them. Report those numbers, and we’ll take action on those numbers.”
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.
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