33
Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd
The Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, is calling for a coordinated industry-wide system to combat fraud across banks, mobile money operators, fintech companies and non-bank financial institutions.
He says separate fraud-control systems are inadequate in an interconnected financial ecosystem where transactions can move through several institutions within a short period.
His comments come as Ghana’s digital financial ecosystem records rapid growth alongside rising fraud. Data from the Bank of Ghana’s 2024 fraud report show that banks, specialised deposit-taking institutions and payment service providers recorded 16,733 fraud cases in 2024, up from 15,865 in 2023.
The total value at risk increased by 13 per cent, from GH¢88 million to approximately GH¢99 million.
Source: newsthemegh.com