The Chief Regulatory, Risk and Compliance Officer of MobileMoney Fintech LTD (MMFL), Godwin Kwami Tamakloe, has assured mobile money users that the physical cash backing their electronic money are held in regulated trust accounts with partner banks, and not by Dedicated Electronic Issuers or the Fintech companies themselves.
Speaking on JoyNews’ Digital Economy Forum, Mr Tamakloe said many customers do not fully understand how the mobile money ecosystem is structured, which has contributed to misconceptions about the safety of wallet balances.
The forum, held under the theme “The Trust Crisis: Why Fraud is Holding Back Ghana’s Digital Economy,” brought together regulators, banks, fintech companies, and cybersecurity experts to examine how collaboration can strengthen trust in Ghana’s digital financial services sector.
Mr Tamakloe explained that while customers transact through mobile money platforms, the electronic value in their wallets is fully backed by funds deposited with partner banks under the supervision of the Bank of Ghana.
“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 said.
He said this framework protects customer funds independently of the platform used to access them.
He added that if a mobile money platform experiences a service outage, customers would not lose the money in their wallets because the underlying funds remain securely held with partner banks.
“Mobile money is just the channel. The Payment Service Providers are simply the channels through which customers access their funds,” he said.
Mr Tamakloe stressed that banks and fintechs are partners within an interconnected financial ecosystem, supported by regulation designed to protect customer funds and preserve confidence in the financial system.
Other panellists also emphasised the need for stronger collaboration across the financial sector to combat fraud and protect consumers.
John Awuah, Chief Executive Officer of the Ghana Association of Banks, said commercial banks are increasingly delivering services through digital platforms supported by Payment Service Providers, making banks and fintechs part of one ecosystem that must work together to combat fraud.
Stephen Cudjoe-Seshie, Deputy Director-General for Technical Operations at the Cyber Security Authority, emphasised the need for stronger cybersecurity awareness and closer collaboration among regulators, financial institutions and technology companies as cyber threats continue to evolve.
Professor Godfred Bokpin, economist at the University of Ghana Business School, highlighted trust as a critical driver of digital financial inclusion, cautioning that persistent fraud could slow the country’s digital transformation if confidence is weakened.
The forum also featured contributions 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, who both called for stronger cooperation across the financial ecosystem to enhance consumer protection while supporting innovation.
Panellists agreed that sustaining trust in Ghana’s digital economy will require continued collaboration among regulators, banks, fintech companies and customers, supported by sustained public education and robust regulatory oversight.
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