The Mobile Money Advocacy Group Ghana (MoMAG) has directed agents nationwide to cease all cash-out transactions where customers are not physically present.
This directive aims to tighten security and curb fraud within Ghana’s digital payments ecosystem.
In a statement, the group clarified that customers must now be present at agent points with their mobile devices to initiate withdrawals, adhering strictly to standard transaction protocols.
MoMAG further stipulated that deposits should only be processed when customers present their phones in person.
The shift is intended to eliminate proxy transactions and reinforce compliance across the mobile money value chain.
“MoMAG urgently advises all its members and all agents to discontinue the practice of ‘cash-out’ transactions where the customer is not physically present. If a customer wishes to withdraw funds from their wallet, they must come to the agent’s location and present their phone in person, just as they would for any standard transaction. We also advise that customers come along with their phones for deposits. No deposit without the phone. Remote or proxy cash-outs, where a customer remains elsewhere while another individual transacts on their behalf, pose significant risks and were identified as a contributing factor to why some agents faced severe penalties during this exercise,” the statement read.
The announcement follows a regulatory crackdown by MobileMoney Fintech Limited, which resulted in the termination of more than 900 agent accounts and the one-month suspension of over 100 others. These sanctions were triggered by various breaches, including unauthorised transaction prompts and the use of social engineering schemes to manipulate customers.
Beyond these terminations, more than 8,000 agents received official cautions following engagements with regulators and industry stakeholders. While these agents are permitted to continue operations, they must now adhere to stricter compliance expectations. MoMAG noted that affected agents were granted a limited window to access funds in terminated accounts, and due process mechanisms enabled some to contest their sanctions.
Meanwhile, MoMAG has urged all mobile money agents who have not yet joined the advocacy group to register, citing the move as essential for strengthening industry coordination and collective security.
By: Rainbowradioonline.com/Ghana
