A growing number of businesses across the country are beginning to turn away mobile money payments, citing persistent fraud and rising operational losses as key reasons for the shift.
Interviews conducted by Joy Business reveal that several traders and service providers have lost confidence in mobile money systems after repeated encounters with fraudulent transactions. For many, the decision to reject MoMo payments is no longer about preference but survival.
Some business owners recount incidents involving fake payment alerts and reversal fraud, where customers complete transactions, take their goods, and later retrieve the money through their service providers. Others point to internal breaches linked to compromised agents as an additional source of concern.
One trader explained that repeated reversals have left lasting financial damage. According to the business owner, customers have in the past paid via mobile money only to later contact the network provider to reclaim the funds, resulting in losses the business could no longer absorb. After several such incidents, the trader said accepting MoMo became too risky.
Another concern raised by merchants relates to transaction charges. Some business owners complain that customers often fail to add service fees, forcing traders to bear the cost when cashing out. Over time, these deductions reduce daily earnings, making mobile money less attractive compared to cash transactions.
While businesses cite protection as their motivation, consumers say the growing refusal to accept MoMo has made everyday transactions more difficult. Several shoppers told Joy Business that being required to pay with cash slows down purchases and sometimes leads them to abandon transactions entirely.
Others expressed concern about personal safety, noting that carrying physical cash increases the risk of theft, particularly in crowded markets and commercial centres where mobile money was previously considered a safer alternative.
One consumer described the experience as frustrating, questioning how a business could reject mobile money in an era where digital payments have become routine. According to the shopper, the lack of cash often means walking away from purchases altogether, resulting in lost sales for traders.
Another shopper said carrying cash is stressful and inconvenient, adding that misplaced money cannot be recovered, unlike mobile money stored in a digital wallet. From the consumer’s perspective, the move away from MoMo undermines the progress made toward safer and faster transactions.
In response to these concerns, mobile network operators insist that mobile money platforms remain secure and reliable. Speaking to Joy Business, Senior Manager for Fintech, Abdul-Majeed Rufai, said additional security systems have been deployed to detect and prevent suspicious activity, alongside public education campaigns aimed at businesses and agents.
He stressed that mobile money funds do not disappear without user involvement, describing the system as secure when basic safety rules are followed. According to him, no verified case exists where money vanished from a wallet without the account holder disclosing their PIN or authorising a transaction.
He urged users to take responsibility for protecting their accounts, warning that most fraud cases stem from compromised credentials rather than system failures. He emphasised that PINs should never be shared, even with close family members, and that customers should avoid allowing others to conduct transactions on their behalf.
Mr Rufai also cautioned against discussing wallet details with unknown callers, advising users to only engage official customer service lines and to report suspicious numbers immediately. He said these steps are essential in reducing fraud and rebuilding trust in the platform.
As Ghana continues to promote digital payments as part of its financial inclusion agenda, the growing tension between convenience and security presents a challenge. Until confidence is fully restored, many businesses say they will continue to exercise caution, even if it means turning customers away, raising broader questions about the future of mobile money as the country’s dominant payment method.
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Source: Wesleyannews.com
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