MobileMoney LTD, the financial services arm of MTN Ghana, is pushing back against claims that its digital payment system was breached, attributing a recent case of unauthorised withdrawals to user error and social engineering tactics—not a flaw in its systems.
The company’s response follows a viral social media post by a customer who alleged that funds were withdrawn from her MoMo wallet without her authorization. The accusation sparked public concern, prompting MobileMoney LTD to conduct and publicly share the outcome of an internal investigation.
According to a press statement released on April 14, 2025, the company found no evidence of any technical breach or cybersecurity failure. Instead, it pointed to the customer’s interaction with unverified third parties, which led to the inadvertent disclosure of sensitive information like one-time passwords (OTPs) and wallet PINs.
“This incident is consistent with a social engineering scam,” the company clarified. “These tactics exploit trust and trick individuals into compromising their own account security.”
MobileMoney LTD stressed that while its systems remain secure, the human element continues to be the weakest link in digital financial security. The company reiterated its commitment to protecting user funds and highlighted ongoing efforts to educate customers on digital safety.
“Security is a shared responsibility,” the statement said. “We urge our customers never to share their MoMo PINs or OTPs—even with people claiming to be MTN representatives.”
As mobile money usage surges in Ghana, where over 17 million people rely on MobileMoney LTD for transactions ranging from remittances to savings and microloans, this incident has reignited conversations about the need for cyber awareness and digital literacy.
Industry experts have warned that while fintech platforms may be technically secure, human vulnerabilities remain a significant risk—especially as fraudsters become more sophisticated in manipulating unsuspecting users.
The company concluded by assuring its customers of its robust security architecture and called for heightened customer vigilance to prevent future incidents.
