Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

As part of efforts to address the issue of a lack of financial data, businesses within the informal sector have been encouraged to adopt mobile finance platforms in their operations.

According to the Head of Commercial at Mobilemoney Ltd, Rufai Abdul Majeed, beyond the convenience mobile finance provides, it also can help address one major challenge of businesses as most informal businesses do not have the necessary resources and structures to gather such information.

Speaking during the 2022 edition of the Citi Business Festival on-air series on the topic, ‘Understanding the mobile finance ecosystem’, Head of Commercial at Mobilemoney Ltd, Rufai Abdul Majeed noted that such businesses can leverage the transactional details on mobile finance platforms to help their businesses thrive.

“Today, with the kind of education we give to the customers, there are three golden rules, one, never disclose your pin to anyone even your wife or your husband. If you avoid this one, then you know you are safe. Never entertain any call to discuss your wallet. The person can call and say he/she is calling from MTN, but look at the number first. MTN can only call you with 0244 300,000. And that’s the same with all others. There’s an official number if we want to communicate with you. For MTN mobile money, it’s 0244300,000. So any call that is not emanating from 0244300,000, you need to just report,” he noted.

Despite this, he noted that there still lingers concern about safety on mobile finance platforms and whether funds in such wallets are secure.

Rufai Abdul Majeed however assured that service providers are working round the clock to ensure a watertight system.

The 2022 edition of the Citi Business Festival is mainly sponsored by ABSA Bank, with support from MTN Momo and MTN Business, Ghana Investment Promotion Centre, IT Consortium and GIRSAL.