MoMAG Issues Stern Warning to Mobile Money Agents Over Illegal Deposit Charges

The National Mobile Money Advocacy Group (MoMAG) has issued a firm directive to mobile money agents across Ghana to desist from charging customers for deposit transactions. Speaking at the 2026 MoMAG Day Out event held at the University of Ghana, the association's president, Edward Ofori Agyemang, emphasized that such practices are illegal and undermine the integrity of the mobile financial services sector. The warning comes as part of a broader effort by the advocacy group to sanitize the industry and protect consumers from unauthorized fees that deviate from standard operating procedures.

During the event, Mr. Agyemang underscored the severity of the issue, stating that any agent found guilty of imposing these fraudulent charges would face strict sanctions. He noted that the association is committed to maintaining transparency and trust within the ecosystem, which is vital for the continued growth of digital finance. To further enhance security and clarity during transactions, MoMAG has encouraged customers to always carry their mobile devices when visiting agent points. This practice allows for immediate verification of transaction alerts and ensures that both parties are protected against discrepancies or potential fraudulent claims.

Beyond regulatory warnings, the MoMAG Day Out served as a strategic platform to address agent welfare and the persistent threat of fraud. The initiative, designed to allow agents to relax and bond away from their duty posts, highlights the association's dual focus on the mental well-being of its members and professional standards. By fostering a sense of community and providing a space for agents to share their concerns, MoMAG hopes to better equip its members with the knowledge and collective support needed to identify and prevent sophisticated fraud schemes that target the industry.

This latest stance by MoMAG reflects a growing move toward tighter self-regulation within the mobile money space, which has become a backbone of Ghana’s digital economy. As mobile money continues to drive financial inclusion across the country, the commitment of advocacy groups to enforce ethical conduct is crucial. Ensuring that agents adhere to official fee structures not only protects the consumer's wallet but also reinforces the long-term sustainability and credibility of the mobile money network as a trusted tool for national development.