MoMo celebrates 15 years of financial inclusion

By Elizabeth PUNSU, Kumasi

General Manager of Mobile Money (MoMo) Ltd., Nii Adotey Mingle, has underscored the company’s success and progress since its inception 15 years ago, particularly in advancing financial inclusion.

He emphasised that MoMo has become a crucial tool in accelerating financial and digital inclusion for rural and remote communities of the country.

Before MoMo’s establishment, financial services in Ghana were vastly different – with traditional banking services being inaccessible to many, especially in rural and underserved areas. MTN rose to the challenge, driving change and bringing financial services to every Ghanaian through mobile phones.

At an event in Kumasi marking the 15th anniversary, Mr. Mingle discussed MoMo services’ growth over the years.

“Ghana is one of the fastest-growing markets in Africa for digital payments. This growth has been driven by the increasing adoption of e-commerce and mobile payments due to their convenience and safety. Today, MoMo is not just about saving money and making payments. The service has expanded to other critical aspects of our daily financial transactions, such as offering loans, insurance, international remittance, investments and more.”

He continued, “MoMo is a platform that has empowered individuals, transformed businesses and strengthened communities. We have seen it enable SMEs to thrive by providing the tools they need to manage their finances more efficiently. It has facilitated access to education, healthcare and essential services, improving the quality of life for countless families”.

Mr. Mingle also noted that access to government services has been simplified through MoMo, enabling government agencies to seamlessly collect taxes, levies and fees. “MoMo has bridged the gap between the banked and unbanked, bringing financial inclusion to the forefront of our nation’s development agenda,” he said.

Challenges

Mr. Mingle acknowledged that fraud has been a significant barrier to promoting digital and financial inclusion in the country. He expressed MoMo Ltd.’s commitment to ensuring service safety in collaboration with stakeholders, especially customers.

“We will invest in robust security measures to combat fraud and protect our customers. Every customer is the first and last line of defence; we need to protect our PINs, avoid clicking unsolicited links, responding to fake SMS or following instructions from random calls. We remain committed to providing an excellent customer experience,” he stated.

Regarding connectivity, Mr. Mingle noted that MoMo will continue investing in digital infrastructure to promote widespread connectivity and expand the frontiers of digital financial inclusion.

Activities for the 15th Anniversary Celebration

As part of the anniversary celebrations, there will be float activities in principal streets across various regions, launch of new services and products, a MoMo fraud campaign, customer promotions and giveaways, skill training for Small and Medium Enterprises (SMEs) and awards nights for stakeholders.

This year’s celebration is themed ‘Empowering communities: celebrating 15 years of progressive financial and digital inclusion’.

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