How to Protect Yourself from Mobile Money Fraud in Africa

Mobile money services like M-Pesa, MTN Mobile Money, Airtel Money, and GhanaMobile Money have given hundreds of millions of Africans access to financial services for the first time. They are convenient, fast, and increasingly essential for daily life. They are also one of the fastest-growing targets for financial fraud on the continent.

In 2023, the GSMA reported that mobile money fraud losses in sub-Saharan Africa exceeded $500 million. Most of these losses were preventable. This guide will walk you through the most common scams, the warning signs, and the practical steps you can take right now to protect yourself.

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The Most Common Mobile Money Scams

1. The "Wrong Transfer" Scam

You receive a mobile money transfer — often a significant amount — from an unknown number. Minutes later, that person calls to say they sent it to you by mistake and asks you to send it back. The catch: the original transfer was made with a stolen or fraudulent SIM card. When the fraud is reported, the transfer is reversed, but the money you sent back is gone.

Never send money back to someone claiming a wrong transfer. Call your mobile money provider directly to verify any unusual incoming transaction before acting.

2. The "I Am an Agent" Scam

A caller pretends to be a mobile money agent or your network provider. They claim you have won a bonus, need to verify your account, or that your account has been flagged. They ask for your PIN, one-time password (OTP), or account number.

No legitimate mobile money provider or agent will ever ask for your PIN or OTP over the phone or via SMS.

3. The "Bonus Credit" Phishing SMS

You receive a text saying you have qualified for a free top-up or cash bonus. There is a link to "claim" it. The link takes you to a fake page that harvests your credentials.

Never click links in unsolicited SMS messages. Go directly to your mobile money app or dial the official USSD code.

4. SIM Swap Fraud

A scammer contacts your mobile network provider, claims to be you, and requests that your number be transferred to a new SIM card they control. Once they have your number, they can receive OTPs and access your mobile money account.

Set a SIM swap PIN with your network provider. Check your account regularly. If your phone suddenly loses signal without explanation, call your provider immediately.

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Practical Steps to Secure Your Account Today

1. Set a strong, unique PIN — Never use your date of birth, last 4 digits of your phone number, or sequential numbers. Use a PIN you have never used elsewhere.

2. Enable account notifications — Turn on SMS or push notifications for all transactions so you know immediately if an unauthorised transaction occurs.

3. Register a SIM swap PIN — Most African networks allow you to set an additional PIN required before a SIM swap can be authorised. Do this today.

4. Never share OTPs — One-time passwords are called "one-time" for a reason. The moment you share an OTP, your account is compromised. No legitimate party needs your OTP.

5. Verify agent credentials — Authorised mobile money agents will have official identification and agent codes. Ask for them. Do not transact with individuals operating outside official agent points.

6. Keep your registered SIM active — An inactive SIM can be reassigned by your provider. Keep your mobile money SIM in regular use.

7. Use daily limits — Set the lowest daily transaction limit that works for your regular needs. Many providers allow this in account settings.

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What to Do If You Are Defrauded

Act immediately. The faster you report, the higher the chance of recovery.

1. Call your mobile money provider's fraud line within 15 minutes if possible.
2. Visit the nearest physical service centre with your ID.
3. File a report with your national financial intelligence unit (e.g., Ghana's Financial Intelligence Centre).
4. Report to your local police — obtain a case number.
5. If the fraud involved a bank account, contact your bank in parallel.

Keep records of all reference numbers, transaction IDs, and the names of every agent or officer you speak to.

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Teaching Others

If you have elderly relatives or community members who use mobile money, consider showing them this guide. Fraud often targets people who are new to mobile money or who trust too easily. One conversation could prevent a devastating loss.

SafeHers' Online Safety module covers mobile money fraud in depth, including roleplay scenarios that help women practice recognising and resisting social engineering tactics. Ask your university, workplace, or community association about hosting a workshop.

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Published by SafeHers. For educational purposes only. If you are experiencing fraud right now, contact your mobile money provider immediately.