MobileMoney Fintech Limited (MMFL) is seeking collaboration with the Northern Regional Coordinating Council to expand digital financial services, support young innovators and accelerate the digitalisation of businesses across the region.
Chief Executive Officer of MMFL, Shaibu Haruna, said the company was committed to ensuring that the growth of fintech translated into practical economic opportunities for traders, farmers, transport operators, women-led businesses and young entrepreneurs.
He made the remarks when he led a management team, including Chief Financial Officer Susan Yawson, on a courtesy call on the Northern Regional Minister, Ali Adolf John, in Tamale over the weekend.
The Minister commended MoMo for its contribution to advancing financial inclusion but raised concerns about loan defaults and the potential risks they pose to the business. He welcomed the MoMo Fintech Lab initiative and pledged his support.
Mr Haruna said the company wanted to work with government and other stakeholders to make digital finance safer, more accessible and responsive to the needs of underserved communities.
A key focus of the proposed collaboration is public education on mobile money fraud, customer identification requirements, responsible borrowing, approved charges and official channels for reporting complaints.
The company is also seeking the Regional Coordinating Council’s support to mobilise universities, technical institutions, innovation hubs and youth groups to participate in its MoMo Fintech Lab and other digital-skills initiatives.
Mr Haruna said the company’s innovation programme deliberately extended beyond Accra to identify and develop home-grown fintech solutions capable of addressing local challenges.
He said the recent Northern Zonal Hackathon and Pitch Competition in Tamale had revealed growing interest among young innovators in developing agricultural payment solutions.
“We are particularly encouraged that many of the entries received focused on agricultural payment solutions,” he said, describing the area as one that aligned with the Regional Minister’s interest in agriculture and agro-processing.
He added that MMFL was committed to supporting the establishment and growth of viable fintech solutions in the Northern Region and beyond.
The company also wants to work with market associations, transport unions, farmer groups and women-led businesses to expand merchant payments, digital record-keeping and access to appropriate financial services.
Mr Haruna highlighted the company’s Ride With MoMo initiative, which supports drivers, riders, fleet owners and other transport operators to accept digital payments, reduce reliance on cash and improve accountability.
He said digital transaction records could also help traders and transport operators build financial histories that could support their access to formal financial services.
The Regional Coordinating Council could help identify suitable transport associations and pilot locations in Tamale and other districts for the initiative, he added.
Beyond expanding access, MMFL is prioritising responsible lending, consumer education, improved security on the MoMo App and increased investment in artificial intelligence-enabled fraud detection and cybersecurity.
The MMFL team also engaged the Vice-Chancellor of the University for Development Studies (UDS), Professor Mohammed Muniru Iddrisu, who applauded MoMo for creating a platform that promotes innovation.
Professor Iddrisu reaffirmed his commitment to encouraging students to participate in competitions of this nature to test their knowledge, creativity and potential.
Mr Haruna said the company wanted to build on its engagements with regional authorities and academic institutions to advance customer protection, youth innovation, micro-enterprise growth and broader financial inclusion.
The engagements coincided with Mr Haruna’s visit to Tamale for the Northern Zonal Hackathon and Pitch Competition of the MoMo Fintech Lab at the UDS central campus, which brought together young innovators working on solutions to local challenges.
Following a competitive pitch session involving 12 teams, four outstanding teams – MoMo Covert, PayitBetta, MoMoneyo and Adaashi were selected to advance to the National Mentorship Lab, where they will receive further guidance to refine and strengthen their solutions.
Source: www.kumasimail.com
