MoMo CEO Calls for Coordinated Industry Action to Fight Digital Crime
The Chief Executive Officer of MobileMoney Fintech LTD, Shaibu Haruna, has called for a shift in how financial fraud is understood, urging stakeholders to view it as a broader digital crime rather than limiting it to mobile money fraud.
Speaking to The New Finder at the Fintech Partners Exchange programme, Mr. Haruna noted that the landscape of financial crime has significantly evolved, with fraudsters exploiting multiple digital channels beyond traditional mobile money platforms.
“It’s not just about mobile money fraud; I prefer to call it digital crime because the space for financial crime has evolved. Today, people are defrauded through different channels. For instance, in e-commerce transactions, the point of attack could be through the payment rail, and that is where we come in,” he said.
He explained that the growing complexity of digital transactions has created multiple entry points for cybercriminals, making it imperative for stakeholders across the financial ecosystem to work together in addressing the threat.
According to Mr. Haruna, tackling digital crime requires a coordinated approach involving fintech firms, banks, regulators, and law enforcement agencies.
“It’s a multi-front challenge, and we need a coordinated industry-wide response to combat this menace that affects all of us,” he stressed.
Mr. Haruna indicated that MobileMoney Fintech LTD has invested in building resilient systems designed to safeguard users and prevent breaches at the institutional level.
“We have built and continue to strengthen platforms that ensure that fundamentally, the entity cannot be defrauded. We are confident in the systems and solutions we have in place to protect the integrity of users’ wallets,” he stated.
Despite these technological safeguards, he identified the customer as the most vulnerable point in the digital financial ecosystem.
“The biggest vulnerability remains at the customer end, and that is why we are investing heavily in education,” he said.
Mr. Haruna emphasised the importance of sensitising users on basic safety practices, noting that informed customers play a critical role in preventing fraud.
He revealed that the company has intensified public education efforts through outreach programmes, describing customers as the “first and last line of defence.
“We didn’t limit ourselves to radio. We went into market squares, churches, and mosques to directly engage people and educate them on cyber hygiene,” he noted.
He added that similar awareness initiatives are being undertaken by partner institutions, particularly banks, as part of a collective effort to strengthen user resilience against digital threats.
Mr. Haruna stressed that while robust systems are essential, empowering customers with the knowledge to protect themselves remains a key pillar in the fight against digital financial crime.
