MoMo at 16: MTN’s financial revolution in Ghana

Sixteen years after MTN Ghana introduced its groundbreaking Mobile Money (MoMo) service, the platform has grown from a simple digital payment tool into a national financial movement — transforming lives, reshaping commerce, and driving inclusion across rural and urban Ghana.

In a special anniversary conversation themed “Fintech and Sustainability, How MTN MoMo Is Revolutionizing Ghana’s Financial Landscape” Chief Executive Officer of MobileMoney Limited, Shaibu Haruna, shared the remarkable evolution of MoMo — a story of resilience, innovation, and purpose — and outlined bold ambitions for the future.

Joy FM’s Super Morning Show carried out live broadcast from the offices of MobileMoney LTD hosted on Tuesday, August 5, 2025, to showcase the company’s sustainability initiatives.

From payment tool to partner for growth
According to him, Mobile Money’s vision has expanded far beyond being just a digital wallet.

“We are evolving from being a payment instrument to becoming a partner for socio-economic development,” he said.

“We want to be a partner for growth — particularly for small businesses and underserved communities. That is the future of MoMo.”

This evolution, Shaibu explained, is being driven by purposeful innovation, stakeholder partnerships, and a deepening relationship with the Ghanaian public.

“We are excited and grateful to Ghanaians for believing in MoMo. But we know there is more to do, and we do not take that responsibility lightly,” he added.

Expanding access through innovation

What began in 2009 with basic feature phones and limited functionality is today a multi-layered financial ecosystem supporting millions of transactions every day — from peer-to-peer transfers and merchant payments to bill settlements and microloans.

“MoMo has transformed how we do business in Ghana. Even when one travels outside the country, transactions remain easy and secure,” Shaibu noted.

“We have created a digital light MoMo system that is scalable and inclusive.”
To further bridge digital divides, Shaibu said MTN is working with partners to deliver “Buy Now, Pay Later” access to smart devices, ensuring that even low-income Ghanaians can participate in the digital economy.

Combating fraud, protecting customers

As the platform has grown, so too has the threat of digital fraud — a global challenge, Shaibu acknowledged, but one that Mobile Money Limited is tackling head-on.

“We understand that fraud revolves around access to the device. That’s why we’ve intensified education interventions, especially in rural communities, to build awareness and vigilance,” he said.

Despite the threats, Shaibu assured users of the platform’s robustness: “Our system is very safe. But security is a shared responsibility — and we are empowering customers to protect themselves.”

Unlocking women’s economic potential

While Mobile Money now boasts over 17 million subscribers in Ghana, data reveals a striking gender gap: more men are registered MoMo users, despite the fact that more women in Ghana operate small businesses.

Shaibu explained that cultural perceptions, digital illiteracy, and a preference for cash among many women contribute to this disparity.

“Some women still don’t trust digital platforms. They feel cash is safer. We need to change that.”
To address the gap, MTN has launched a suite of women-focused inclusion programmes, including signing onto the GSMA’s Connected Women Commitment, aimed at recruiting more female MoMo agents and empowering women entrepreneurs.

“We are deliberate about closing the gender gap. Our goal is to increase the number of women employees from 48% to 52%, while also providing digital, financial, and management training for underserved groups,” Shaibu stated.

Driving ESG and long-term community impact

MTN’s MoMo operations are also aligned with broader Environmental, Social, and Governance (ESG) goals, with a strong emphasis on community development.

“Every initiative we undertake — from rural access to gender equity — is anchored on unlocking the potential of individuals and communities,” the CEO said.

“Our responsibility is not just to run a business, but to build something that will translate across generations.”

Whether through support for women-led microenterprises or by improving regional access to financial services, Shaibu believes MoMo’s social impact is just as important as its commercial success.

MoMo as an economic catalyst

As Mobile Money celebrates its 16th anniversary, Shaibu reaffirmed the company’s commitment to remain a transformative force in Ghana’s financial sector.

“MoMo is not just a product; it’s a movement. It has reshaped the financial landscape of Ghana. But we’re just getting started,” he said.

Through partnerships, smart policy alignment, and community engagement, Mobile Money Limited aims to deepen financial inclusion, narrow gender and rural disparities, and accelerate digital transformation for all.

MTN expands suite of digital financial services

Chief Products and Services Officer of MobileMoney LTD, Sylvia Otuo Acheampong, has highlighted the wide range of financial products and services the telecom giant offers to enhance the lives of its customers.
These include merchant and bill payments, six distinct credit products, remittance services, cross-border money transfers, as well as savings, insurance, and investment solutions tailored to meet diverse customer needs.

She also revealed that MTN is actively working with the Global System for Mobile Communications Association (GSMA) to promote financial literacy among women.

Through this collaboration, MTN regularly engages women in markets and communities, educating them on how to use mobile money, manage digital wallets, pay bills, save, and access credit directly from their phones.

In addition to women, Otuo Acheampong noted that young people in the informal sector are a key focus of MTN’s outreach, especially through partnerships with fintech companies.

She further explained that MTN leverages customer data and analytics to co-create innovative financial products that address the specific needs of their users in collaboration with trusted partners.

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