Ghana's Mobile Money Funds Backed by Regulated Bank Trust Accounts

Godwin Kwami Tamakloe, Chief Regulatory, Risk and Compliance Officer of MobileMoney Fintech Ltd (MMFL), told participants at the JoyNews Digital Economy Forum in Accra that the cash underpinning mobile‑money wallet balances is held in regulated trust accounts with partner banks under the supervision of the Bank of Ghana. He emphasized that the electronic money generated is not kept by payment service providers or dedicated electronic money issuers, but is fully backed by bank‑held cash, so customers’ funds remain protected even if a mobile‑money platform experiences an outage.

Other forum speakers, including John Awuah, CEO of the Ghana Association of Banks, and Stephen Cudjoe‑Seshie, Deputy Director‑General of the Cyber Security Authority, highlighted the need for stronger collaboration among banks, fintech firms and regulators to combat fraud and improve cybersecurity awareness across Ghana’s digital financial ecosystem.