Customers must appear at the agent’s location for all transactions
In a bid to curb rising fraud within the mobile money value chain, the Mobile Money Advocacy Group Ghana (MoMAG) has directed all agents to halt cash-out transactions for customers who are not physically present.
MoMAG stated that customers must appear at the agent’s location with their mobile phones before any transaction can be processed.
It explained that remote or proxy cash-outs, where one person withdraws funds on behalf of another, pose significant risks to both agents and customers.
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In a statement, MoMAG said, “All members and agents are urgently advised to discontinue the practice of cash-out transactions where the customer is not physically present. If a customer wishes to withdraw funds, they must come to the agent’s location and present their phone in person, just as they would for any standard transaction.”
The advisory also extends to deposits, with customers required to bring their phones along.
According to MoMAG, unauthorised proxy transactions were a major factor behind recent sanctions, including the termination of more than 900 agent accounts and the one-month suspension of over 100 others.
These breaches were linked to social engineering schemes that exploited compliance gaps among agents.
Meanwhile, more than 8,000 agents have been cautioned following engagements with regulators and industry stakeholders and are now operating under stricter compliance rules.
SA/MA
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