The Bank of Ghana (BoG) has raised concerns over the rapid increase in digital financial fraud in Ghana, revealing that fraud incidents in the digital financial space rose by 98% between 2022 and 2025.
The development highlights the growing financial security risks associated with digital payments, as more Ghanaians increasingly rely on electronic transactions, fintech platforms and other digital financial services.
The Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, said the sharp rise in digital fraud indicates that criminals are increasingly targeting customers through digital channels as the country’s digital payments ecosystem expands.
Financial Fraud Cases Rise by 48% in 2025
Mrs Asante-Asiedu disclosed that reported fraud incidents across Ghana’s broader financial ecosystem increased from 16,733 cases in 2024 to 24,778 cases in 2025, representing a 48% year-on-year increase.
She explained that the growth was largely driven by fraud involving digital financial transactions, even though reported fraud cases within the traditional banking sector recorded a decline.
According to her, the changing statistics reflect a broader transformation in Ghana’s financial crime environment.
“It is not just a shift in the statistics or the data, but it’s also a shift in the financial crime landscape itself.”
She made the remarks at the opening of a technical committee workshop organised by the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB) at the Royal Senchi in Ghana’s Eastern Region.
Digital Payments Create New Financial Crime Risks
The Bank of Ghana’s warning comes as mobile money, fintech services, digital banking and electronic payments continue to expand across the country.
Mrs Asante-Asiedu said the increasing sophistication of fraudsters requires regulators, financial institutions and law enforcement agencies to rethink existing strategies for tackling financial crime and digital fraud in Ghana.
She noted that the 98% increase in digital-space fraud between 2022 and 2025 confirms that criminal activity is following the rapid growth of digital transactions.
Fintech and Banks Face Shared Fraud Risks
The Second Deputy Governor stressed that digital financial fraud is not only a problem for fintech companies or payment service providers (PSPs).
She explained that payment service providers are interconnected with banks and other institutions within Ghana’s financial system. As a result, a fraudulent transaction involving one institution can potentially affect other parts of the financial ecosystem.
She noted that a PSP’s account is held with a bank, meaning that financial crimes occurring through digital platforms can extend beyond a single institution.
“It’s not just a challenge for a PSP.”
According to the Bank of Ghana, stronger cooperation among banks, fintech companies, payment service providers and law enforcement agencies is therefore essential to protect customers and maintain confidence in Ghana’s digital financial system.
BoG Calls for Stronger Fraud Prevention Measures
Mrs Asante-Asiedu said the growing sophistication of financial criminals makes proactive fraud prevention increasingly important.
She urged members of COCLAB to improve financial crime intelligence sharing, investigations, prosecutions and public education to help combat emerging fraud threats.
She added that the effectiveness of anti-fraud measures should ultimately be judged by whether they lead to a reduction in financial crimes and provide stronger protection for customers using digital financial services.
The Bank of Ghana’s latest warning underscores the need for financial institutions and consumers to strengthen cybersecurity, digital payment security and fraud awareness as Ghana continues its transition towards a more digital economy.
Mrs Asante-Asiedu said law enforcement agencies and financial institutions must become sufficiently effective to discourage criminals from attempting fraudulent activities in Ghana’s rapidly growing digital financial sector.
Source: newsweek.com