The Mobile Money Advocacy Group Ghana (MoMAG) has thrown its support behind disciplinary actions taken by MobileMoney FinTech Ltd (MMFL), which have resulted in the permanent termination of more than 900 mobile money agent accounts and the one-month suspension of over 100 others.
In a press statement issued on April 26, 2026, MoMAG described the outcome as the conclusion of an extensive regulatory exercise aimed at sanitising Ghana’s mobile money ecosystem and protecting customers from fraud.
According to the group, investigations revealed that some agents engaged in unethical practices, including sending transaction prompts to customers without their knowledge and attempting to manipulate customers through phone calls to gain access to their funds.
MoMAG disclosed that while the sanctions affected a portion of agents, more than 8,000 others were cautioned and allowed to continue operations after being warned to adhere strictly to industry regulations.
The advocacy group commended MMFL for what it described as a measured and responsive approach to the situation, particularly the decision to grant affected agents a 72-hour window to access and withdraw funds from terminated accounts.
MoMAG also praised the Chief Executive Officer of MobileMoney FinTech Ltd, Shaibu Haruna, for ensuring fairness in the process.
The group noted that agents who believed they were wrongly sanctioned were given the opportunity to present their cases for review.
“His leadership ensured due process and offered a fair platform for affected agents to seek redress,” the statement said.
The group used the opportunity to urge mobile money agents who are not part of any association to join recognized bodies such as MoMAG, stressing that collective representation offers crucial support during regulatory challenges.
MoMAG expressed sympathy for unaffiliated agents who may have struggled to navigate the sanctions process independently, emphasizing that membership provides guidance, protection, and advocacy.
As part of efforts to prevent future violations, MoMAG issued a strong advisory against remote or proxy “cash-out” transactions, where customers are not physically present.
It stressed that all withdrawals should be conducted in person, with customers present and in possession of their phones.
Similarly, the group advised that deposits should not be processed without the customer’s phone.
MoMAG warned that such risky practices were a major contributing factor to the sanctions imposed during the regulatory exercise and must be discontinued to safeguard both agents and customers.
The group reaffirmed its commitment to promoting professionalism, compliance, and trust within Ghana’s rapidly growing mobile money sector.
By 1960news.com
