MTN Ghana to combat fraud with blockchain tech
MTN Ghana will use blockchain systems to stop mobile money fraud and verify customer identities at the 2025 Fintech Stakeholder Forum in Accra. Chief Product Officer Sylvia Otuo-Acheampong said the technology tracks transactions from start to finish and prevents criminals from stealing money through agents before detection occurs.
The telecommunications company clarified that blockchain differs from unlicensed cryptocurrency trading. The secure ledger records every payment permanently and cannot be altered after the payment is completed. Smart contracts will allow users to store identification documents in verified databases, thereby improving credit assessments.
Ghana recorded over 15,000 mobile money fraud cases in 2024, with losses exceeding 30 million cedis, according to central bank data. MTN partners with technology suppliers to build systems meeting international security standards and data protection regulations.
The blockchain framework supports digital platforms like Ayoba and MoMo Advance that offer lending and insurance products. The initiative aims to establish industry standards for protecting user information and maintaining transparent operations across financial services.
