Mobile Money is the fastest, convenient, but until recently the most reliable means of doing online payments in Ghana. The government of Ghana is striving to build a cashless economy to reduce the risk of people carrying huge cash around. Mobile payments provide a mechanism for conducting financial transactions using a mobile device as an alternative to using cash, cheques, or credit cards. The mobile device is linked to a bank account, card account (credit, debit, or prepaid), or stored value (e.g., prepaid wallets, online stored value, stored value cards) from which money is deposited or withdrawn.
Mobile Money services, however, are extremely attractive to fraudsters. The recent requirement of needing an ID (Identity Document) card to make a withdrawal at the MoMo agent shows that the fight against MoMo fraud is still yet to be won. This policy of showing your ID card fails to address ownership as it is done in the bank because it only confirms that the face on the ID is the face