The Chairman of the Board of the Mobile Money Agents Association, Mr Joshua Edmundson, has stated that he is not surprised by the findings of the latest INTERPOL African Cyberthreat Assessment Report 2026, which highlights Ghana as one of the key nations grappling with escalating mobile money fraud.
Speaking in an interview on Nyankonton Mu Nsem, Mr Edmundson faulted the Bank of Ghana (BoG), the telecommunications sector, the Ministry of the Interior, the Ministry of Communications, and the government as a whole for failing to implement adequate measures to curb the menace.
He noted that mobile money has contributed significantly to Ghana’s development since its inception, warning that a failure to decisively tackle the fraud problem could cost the nation dearly in the near future.
Mr Edmundson added that many Ghanaians now trust mobile money platforms with their savings more than traditional banking institutions. He cautioned that if the situation remains unchecked, public confidence in the system could erode, jeopardising thousands of jobs within the sector.
Guidance for Parents
Mr Edmundson also advised parents to restrict their children from using mobile phones linked to active mobile money accounts, warning that fraudsters are constantly devising sophisticated tricks to drain accounts without a child’s knowledge.
“The report is not surprising because MoMo fraud has been tormenting agents for years. Stakeholders are aware of the challenges. Officials—including the Ministry of Communications, the Bank of Ghana, the Interior Ministry, and allied agencies including the telecommunications companies—have failed us. They have not put in measures to address the situation, and if we don’t deal with this, the pressure that will hit us could lead to job losses. MoMo is easily accessible and easy to transact. We have a responsibility to ensure that we address the challenges. The telecommunication companies should have robust systems in place, but they have also not done enough. Let me stress that the report is even modest, and going forward, we are likely to witness worse situations.”
His comments follow findings in the INTERPOL African Cyberthreat Assessment Report 2026, which revealed that Ghanaians lost an estimated $1.3 million to mobile money (MoMo) fraud in the first quarter of 2026 alone, underscoring the growing threat of cyber-enabled financial crime across the country.
The report notes that losses soared as cybercriminals increasingly exploited digital payment platforms to target unsuspecting users.
Furthermore, the report highlights mobile money fraud as Africa’s most widespread online scam, with 97 per cent of member countries surveyed identifying it as a major cybercrime threat.
Criminals commonly employ phishing, SIM-swap attacks, fake promotions, and social engineering techniques to gain access to victims’ mobile wallets and siphon off funds.
By: Rainbowradioonline.com/Ghana
