MoMAG backs termination of over 900 mobile money agent accounts over fraud breaches
The Mobile Money Advocacy Group Ghana (MoMAG) has supported the decision by Mobile Money FinTech Ltd (MMFL) to permanently terminate more than 900 agent accounts and suspend over 100 others following a regulatory exercise.
In a press statement on April 26, 2026, MoMAG said the sanctions were necessary after investigations uncovered widespread breaches of agent regulations, including fraudulent practices targeting customers.
According to the group, “the permanent termination of over 900 agent accounts and the one-month suspension of over 100 additional agent accounts” followed an extensive review of agent activities.
MoMAG explained that the affected agents were engaged in unethical conduct, including initiating transactions without customer consent and attempting to defraud users through social engineering tactics.
“The affected agents had been sending prompts to customers for approval without the customers’ knowledge and also calling customers in attempts to socially engineer them and steal from them,” the statement noted.
The group, however, revealed that more than 8,000 agents who were initially flagged were cautioned and allowed to continue operations after intervention and dialogue.
“Following intervention and dialogue, over 8,000 agents were cautioned and warned to respect agent regulations, promote the enhancement of the ecosystem, and continue normal operations,” MoMAG stated.
MoMAG also commended MMFL for what it described as a responsive and fair approach to the situation, particularly the provision of a grace period for affected agents.
“The company provided a 72-hour window for affected agents to access and withdraw their funds from terminated accounts, demonstrating a willingness to listen to agent concerns,” it said.
The association further praised the Chief Executive Officer of MMFL, Mr. Shaibu Haruna, for his role in ensuring due process.
“His leadership provided agents who believed they were wrongfully included in the sanctions the opportunity to come forward, present their cases, and seek justice,” the statement added.
Despite the scale of the sanctions, MoMAG maintained that most of its members complied with regulations and described the incident as a learning opportunity for the industry.
“It reinforces a critical message to all agents: when MoMAG provides guidance and advice, compliance is key,” the group emphasised.
MoMAG also used the opportunity to urge independent mobile money agents to join recognised associations to benefit from collective support during regulatory actions.
“Operating independently may seem preferable to some, but when facing regulatory action, individual agents bear the burden alone,” it cautioned.
As part of new directives, the group advised agents to discontinue remote or proxy transactions, particularly “cash-out” services conducted without the customer’s physical presence.