MTN will enable self-reversal of incorrect MoMo transactions.

According to MobileMoney Limited (MTN MoMo), the largest mobile money provider in Ghana, a self-service option for customer improper transfer reversals is currently being developed.

Self-service cancellation allows customers to immediately reverse a failed mobile money transfer. It could be a transfer to the wrong mobile wallet or a larger transfer than the sender intended.

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MTN will enable self-reversal of incorrect MoMo transactions.

Smaller telecom companies Vodafone and AirtelTigo each enabled self-cancellation with *110# shortcodes, allowing customers to self-cancel quickly and preventing the recipients of such erroneous transfers from paying the money.


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However, MTN is by far the largest wireless carrier whose customers are most targeted by scammers and has a rather cumbersome and time-consuming process for undoing erroneous transfers.


If an MTN customer makes an incorrect transfer, they have no choice but to temporarily block the recipient’s wallet by reporting the transaction to MTN customer service number 100. The Recipient will then be instructed to handle the reverse transaction themselves or MTN will, with consent, handle the reverse transaction on the recipient’s side.


There have been a few instances where the recipient paid all or part of the money or refused to agree to send it out of the wallet. In that case, MTN stops the process and instructs the victim to report the matter to the police, further complicating the process.


Responding to a request from Techfocus24, MTN Mobile Money Limited Deputy Chief Executive Officer Shayb Haruna said that while he is working to allow self-cancellation, he said, “Given the volume of transactions on our platform and other risks involved, So we have to be very careful,” he said. “Further development is awaited and will be updated in a timely manner.”


This is due to a 117% increase in Bank of Ghana Financial Sector Fraud Reports from mobile money fraud alone, from 12 million GHS in 2021 to 26 million GHS in 2022, mostly in fake transfers and fake cash chargebacks. It took place at a time that suggests they are related. . Cash chargebacks in situations where the scammer sends a fake credit notification to the victim’s phone and calls the victim asking them to reverse the money that was mistakenly transferred. Some victims send money to scammers without checking if their wallets actually have funds, only to find out later that they haven’t received any money at all.



The Bank of Ghana called on all mobile operators and payment processors to increase public education and safety measures to protect customers from fraudsters.


In this regard, Shayb Haruna said MTN Mobile Money Limited will utilize a $2.5 million artificial intelligence platform to predict fraudsters’ social engineering tactics, fending off or alerting customers in real-time before they become victims. said he did.

The platform has been secured and is currently being rolled out in Ghana and other MTN Group operating countries,” he explained.


He assured customers that as a provider of multinational platforms, MTN follows its procurement process to source the best solutions around the world, and this is also true for AI solution providers.


Techfocus24 has learned that even though MTN uses an AI platform, the crooks are circumventing it by tweaking elements of their communications to outsmart his MTN’s robots. But the company said it is constantly training its robots to spot scammers’ social engineering tricks and alert customers.


Merchant wallet interoperability


Meanwhile, MTN MoMo recently announced a partnership with integrated merchant his wallet Vodafone. This allows mobile his money merchants to move funds from one merchant wallet to another. This is retailer level interoperability. So, even if a Vodafone Cash customer visits a merchant who does not have a Vodafone Cash merchant wallet, the merchant will be able to make transactions on the customer’s wallet from his MTN merchant wallet.


Shayb Haruna said MTN is very excited about partnering with Vodafone, saying, “We are in contact with all mobile operators and we are currently in contact with some mobile operators and our dealers. We are working together on the technical configuration necessary to enable connectivity to the network,” he added. It’s an exciting time for the market and we are ready to enable this development. ”

He also noted that MTN’s Mobile Money Limited remains an open platform player allowing various players within the ecosystem to integrate in extending services to its cherished customers, adding that they welcome any licensed entity to connect effortlessly and terminate traffic on its platform.



This is in keeping with the company’s group-wide Ambition 2025 strategy, which positions MTN as a platform player driving the entire ecosystem along the path of growth across the entire African continent.


Driving down service charges


Currently, within the mobile money ecosystem, at least two wallets, Vodafone Cash, and GhanaPay allow free transfers to all wallets in an effort to make the use of mobile money affordable, particularly in the face of the obnoxious 1% electronic transfer levy (e-levy) slapped on users.

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According to MobileMoney Limited (MTN MoMo), the largest mobile money provider in Ghana, a self-service option for customer improper transfer reversals is currently being developed.

Ghana Association of Bankers (GAB), operators of the GhanaPay wallet, have for instance said it intends to help drive MoMo service fees further down with its free transfer model, because banks have the benefit of the mobile money float to invest and make profit.


GAB is looking at a model where it can give other MoMo operators better interest on the float, so that the MoMo can comfortably reduce service fees for customers. Shayb Haruna said MML was “not ignorant” of the Ghana Bankers Association’s position, but said it was “on sustainable commercial propositions to thrive the ecosystem and increase access to affordable financial services.” We are ready to discuss.”


He said that MML’s role in the ecosystem is not only to provide financial inclusion, but also to enable the economy in which it operates by conveniently providing financial and digital solutions to its customers (individuals and businesses). He said he was aware that he was fulfilling.


“We will continue to reach out to all parties within the ecosystem to achieve our goals. We are excited about the steps ahead and look forward to deepening our collaboration with all parties.” he said.

Prosper Dougoli

Prosper Dougoli, also known as a Bomzydget, is a young Ghanaian tech content creator with extensive experience in Internet blogging.

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