Accra: The Chief Commercial Operations Officer of MobileMoney LTD (MoMo), Abdul Razak Issaka Ali, has reassured Ghanaians of the company's commitment to data security, highlighting that MoMo operates on one of the world's most secure data systems. In a recent panel discussion themed 'From Exclusion to Inclusion - DPI and Inclusive Development in Africa,' Mr. Ali emphasized that the company's platform, powered by Ericsson, offers exceptional resilience against cyber threats and data breaches.
According to Ghana News Agency, Mr. Ali noted that the Ericsson-powered platform is among the most advanced in the mobile financial services sector. It is designed to ensure the confidentiality, integrity, and availability of customer data, with no room for lapses in data privacy. The platform adheres to local and international data protection regulations, such as Ghana's Data Protection Act, 2012 (Act 843), safeguarding customer data through encryption and continuous monitoring for anomalies.
Beyond data security, Mr. Ali explained that the platform's resilience has enabled millions of Ghanaians to seamlessly access various financial services, including transfers, deposits, merchant payments, and digital savings. He pointed out that MoMo has created a robust ecosystem, partnering with banks, fintech firms, and state institutions to build a multi-channel digital payments environment that promotes inclusion and innovation.
A significant enabler of this ecosystem is the collaboration with the Ghana Interbank Payment and Settlement Systems (GhIPSS), which has allowed for seamless interoperability. This interoperability facilitates money transfers between different electronic money issuers (EMIs) and bank accounts, helping drive Ghana's digital economy.
Mr. Ali commended the Government of Ghana for its role in promoting digital payment initiatives, citing examples like the electronic payment systems at the Electricity Company of Ghana (ECG) and digital platforms at the country's ports. These initiatives have been instrumental in advancing a cash-lite economy.
Despite these advancements, Mr. Ali stressed the need for further integration of digital payments across various sectors, including public services, transportation, and education, to reduce reliance on cash. He highlighted the importance of government support in mainstreaming digital payments.
At the conference organized by the Media Foundation for West Africa (MFWA), Mr. Ali linked Ghana's progress in financial inclusion to the strength of its digital systems. He emphasized that platforms like MoMo's significantly contribute to the national digital transformation agenda by enabling secure transactions for citizens, particularly those in the informal sector.
As Mobile Money Limited continues to innovate, Mr. Ali reaffirmed the company's dedication to data security, customer trust, and ecosystem collaboration. He called for stronger partnerships between regulators, industry players, and government agencies to ensure that Ghana's fintech environment remains secure, inclusive, and competitive.
