MoMAG directs mobile money agents to end cash-outs without customer presence

Josephine Amuzu 07:07 - 27 April 2026

MoMAG orders mobile money agents to stop remote cash-out transactions to strengthen security

Mobile Money Advocacy Group Ghana (MoMAG) has directed mobile money agents across Ghana to stop remote cash-out transactions unless customers are physically present, in a move to curb fraud and strengthen security. The directive follows sanctions by MobileMoney Fintech Limited affecting hundreds of agents over compliance breaches in the mobile money ecosystem.

Mobile Money Advocacy Group Ghana (MoMAG) has directed all mobile money agents to stop processing cash-out transactions unless customers are physically present with their phones, to reduce fraud risks.
The group says both withdrawals and deposits must follow strict in-person verification rules to eliminate proxy transactions and improve compliance in Ghana’s mobile money system.
The directive follows sanctions by MobileMoney Fintech Limited, which terminated over 900 agent accounts and suspended more than 100 others for security breaches and fraud-related activities

The Mobile Money Advocacy Group Ghana (MoMAG) has instructed mobile money agents across the country to immediately stop processing cash-out transactions for customers who are not physically present.

The directive forms part of efforts to strengthen security and reduce fraud within Ghana’s growing digital payment system.

In a public statement, the group stressed that customers must appear in person at mobile money outlets with their mobile phones before any withdrawal or deposit is processed. The move aims to enforce proper transaction procedures and eliminate risky proxy operations.

According to MoMAG, the new guidance requires strict adherence to physical verification during transactions

MoMAG urgently advises all its members and all agents to discontinue the practice of ‘cash-out’ transactions where the customer is not physically present. If a customer wishes to withdraw funds from their wallet, they must come to the agent’s location and present their phone in person, just as they would for any standard transaction.

We also advise that customers come along with their phones for deposits. No deposit without the phone. Remote or proxy cash-outs, where a customer remains elsewhere while another individual transacts on their behalf, pose significant risks and were identified as a contributing factor to why some agents faced severe penalties during this exercise, the statement read.

The advisory effectively bans third-party withdrawals where individuals attempt to collect money on behalf of others without the account holder being present.

The new measure comes shortly after regulatory actions were taken by MobileMoney Fintech Limited, which concluded an industry-wide compliance review. Following the exercise:

More than 900 mobile money agent accounts were terminated.
Over 100 agents were suspended for one month.
About 8,000 agents received formal warnings but were allowed to continue operating under stricter supervision.

Authorities linked the sanctions to several violations, including unauthorised transaction prompts and attempts to deceive customers using social engineering techniques.

MoMAG expressed support for the enforcement measures introduced by the fintech regulator, noting that affected agents were given limited time to access funds held in terminated accounts.

The group also highlighted that some agents were allowed to challenge the sanctions through established review procedures. Industry stakeholders believe the tighter rules will help restore trust in mobile money services and protect customers from fraud-related losses.

As part of its broader strategy to improve compliance, MoMAG encouraged agents who have not yet joined the advocacy group to enrol.

The organisation stated that improved collaboration among agents and regulators is essential to maintaining the integrity of Ghana’s mobile money ecosystem and ensuring safer digital transactions for users nationwide.

Update Me