About 40% MoMo accounts registered with different names - Banking Consultant

Banking Consultant Nana Otuo Acheampong has said about 40% of Mobile Money users have their account registered with different names.

According to him, this could only be averted when institutions keep accurate data and information of consumers on their various client platforms with users also providing accurate data to these institutions.

“It is not only the responsibility of the institutions to keep accurate data, consumers and users also have to ensure they provide accurate data. We’ve all registered our mobile money accounts, but you’ll be surprised that 30% to 40% are registered in somebody else’s name, which will prove problematic for them down the line and could lead to lawsuits due to disagreements between institutions and consumers,” he said in an interview with Citi Business.

The advice comes on the back of Bank of Ghana’s expansion of the list of companies that can participate in in the Credit Reporting System established under the Credit Reporting Act, 2007 (Act 726). The CRS seeks to promote the sharing of information on the credit history of debtors with lenders and other users of the System.

Reacting to the development by the central bank, Otuo Acheampong believes vigorous awareness on the system is required for the move.

“We need a lot of education on this because this is a new field altogether in our environment and therefore people need to be made aware about what is going to go on,” he said.

Meanwhile, the Bank of Ghana recently extended the CRS to include Telecommunication Companies, Utility Companies, Retailers, Mobile Money Operators, FinTechs, Student Loan Schemes provided by private or government agencies among others.

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