New MoMo fraud alert: Bank of Ghana issues warning to banks and others

New MoMo fraud alert: Bank of Ghana issues warning to banks and others

- The Bank of Ghana has drawn the attention of banks in Ghana to a new type of fraudulent activity being carried out in the country

- It revealed that the fraudsters pose as representatives of telecommunication companies and call banks

- They then give the impression they are to carry out a training procedure only to end up taking money from them

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The Bank of Ghana (BoG) has cautioned financial institutions in Ghana against falling victim to the activities of fraudsters.

It revealed that some people have developed a new version of Mobile Money fraud and as such everyone needs to be careful.

According to the BoG, the fraudsters call the staff of the bank and inform them that they operate from the head office of one of the telecommunication companies.

New MoMo fraud alert: Bank of Ghana issues warning to banks and others
BoG Governor, Dr Ernest Addison Source: Graphic Online
Source: UGC

READ ALSO: BoG to settle salaries of former employees of defunct microfinance institutions

The fraudsters then inform the staff they have been tasked to train them on the process of reversing Mobile Money (MoMo) transactions.

Per a report by, they ask the staff to input certain codes on the MoMo platform. Information available shows that the codes result in the debiting of the bank’s MoMo wallet.

The BoG noted that it intends to raise awareness among institutions about fraudulent activity in order to reduce its occurrence.

It, therefore, advised banks to watch out for this type of fraud and ensure that at least two officials handle the bank’s MoMo transactions at the branch.

The bank also indicated that staff who handle MoMo transactions at the branches should be at the management level and should not take instructions from representatives of telecommunication companies.

All correspondence between the bank and the telecommunication companies, it went on, should be approved by relevant authorities.

In other news, has learned that the Bank of Ghana has agreed to pre-finance the unpaid salaries of former employees of 347 defunct microfinance and 23 savings & loans firms.

The bank has also agreed to exit packages for the same groups of people as well as finance houses.

The details of the package were shared by the government-appointed receiver, Eric Nana Nipah.

READ ALSO: COVID-19: Ghana stock market dropped by 17% in 6 months - Report

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