MTN Mobile Money Taps AI to Combat Fraudsters, Enhance Customer Trust

Phrase Lubega, the recently appointed Managing Director of MTN Mobile Money (MoMo), has outlined a vision focused on building trust and enhancing customer value within Uganda’s burgeoning digital finance landscape. A key pillar of this strategy involves leveraging Artificial Intelligence (AI) to combat the growing threat of mobile money fraud.

Lubega highlighted that AI is already being deployed to detect and counter social engineering scams, a prevalent method used by criminals to deceive customers. Beyond security, AI is proving instrumental in assessing credit risk. By analyzing historical data and customer behavior, AI can more accurately determine appropriate credit limits, thereby enabling more responsible lending and helping small and medium-sized enterprises (SMEs) access much-needed capital.

“We are using AI to detect these fraudulent schemes while empowering our customers to avoid exposure,” Lubega stated. He emphasized that AI’s ability to personalize offerings based on customer needs further enhances the user experience.

The company aims to move beyond simply increasing the number of mobile money wallets, focusing instead on creating tangible value for its millions of users. This includes developing services that allow customers, from boda-boda riders to market vendors, to gain more from their digital funds through savings, credit, and potentially insurance products.

Lubega stressed the importance of an intuitive and secure ecosystem, ensuring that funds deposited by customers are always safe and accessible. He also noted the critical role of partnerships in expanding MTN MoMo’s reach and integrating services seamlessly with various businesses and financial institutions, thereby simplifying digital transactions for all Ugandans.

MTN Mobile Money is committed to innovation that results in simpler experiences for customers, merchants, and agents, ensuring that digital financial services are both reliable and accessible to everyone. The company is dedicated to making every transaction affordable, secure, and intuitive, solidifying its position as a trusted enabler of financial inclusion in Uganda.