The rapid growth of Uganda’s digital economy, largely fueled by mobile money services, faces a critical threat: financial fraud. Recognising that the entire foundation of financial inclusion rests on consumer trust, MTN MoMo, under the leadership of Mr. Richard Yego as Chief Executive, has emerged as a key champion in the collaborative fight against these sophisticated crimes.
The company’s leadership and commitment were clearly demonstrated at the 3rd Annual Financial Sector Anti-Fraud Forum, held this week at Méstil Hotel and Residences.
The event’s theme, “Confronting Financial Sector Fraud: Building Resilience Through Collaboration Across Traditional and Non-Traditional (Digital) Frontiers,” provided the platform for MoMo to showcase its dedicated approach to digital defence.
MoMo’s Proactive Investment in Digital Defence
As Uganda’s most dominant Mobile Money platform, the responsibility for securing the ecosystem is one MTN MoMo takes seriously. Their involvement at the forum highlighted a strategic shift from reactive security to proactive defence through advanced technology and collaboration.
MoMo’s Chief Information Officer (CIO), Albert Gitta, was a central figure, joining an engaging panel on “Strengthening Financial Services Through Collective Digital Defence.”
Mr. Gitta detailed MTN MoMo’s multi-layered security strategy aimed at combating fraud, saying, “MoMo is investing in smarter technologies, data-driven solutions, and collaboration to keep our customers’ money safe.” He noted that this commitment includes the deployment of the following strategies;
Advanced Analytics and AI: Using machine learning to detect suspicious transaction patterns in real-time, often flagging and preventing fraudulent activities before the customer even notices.
Systemic Upgrades: Continuously improving the platform’s core security features to withstand evolving cyber threats.
Securing Socio-Economic Transformation
MTN MoMo’s aggressive position against fraud is more than just good corporate practice; it is a direct investment in Uganda’s socio-economic transformation.
This is because Mobile money is the single most important enabler of financial inclusion, empowering rural populations and the informal sector to participate in the formal economy. By assuring the safety of the platform, MoMo aims to directly:
Protect the vulnerable by securing the digital accounts of millions who rely on mobile money for essential services, remittances, and savings.
Reinforce national development programmes by ensuring the financial integrity of government initiatives, like the Parish Development Model (PDM), which uses digital platforms to distribute funds to the last mile.
Foster innovation through creating a trusted environment that encourages the growth of local Fintech start-ups and digital commerce built on the MoMo platform.
Acknowledging the Collective Effort
MTN MoMo’s dedication to this cause was officially recognised at the forum, where the company was honoured for its sponsorship of the initiative. This recognition is a reflection of MoMo’s core belief that building a fraud-free financial ecosystem is a shared responsibility.
“At MoMo, we believe that fighting fraud takes all of us. Together, we can protect what matters most: trust,” Gitta noted, in conclusion.
By championing collective defence and investing heavily in next-generation security, MTN MoMo is solidifying its role as not just a service provider, but a crucial guardian of Uganda’s digital and economic future.