Fraud surges in Ghana's financial sector as mobile money scams drive losses, BoG says

Fraud in Ghana's regulated financial sector has risen sharply over the past four years, with mobile money and other digital payment platforms emerging as the biggest targets for criminals, according to a new report by the Bank of Ghana.

The central bank said reported fraud cases across banks, specialised deposit-taking institutions and payment service providers increased by more than 63%, rising from 15,164 cases in 2022 to 24,778 in 2025.

Over the same period, the value of funds exposed to fraud increased from GH¢82m ($9.7m; £7.1m) to GH¢101m ($12m; £8.7m), underscoring what the regulator described as the growing threat to Ghana's financial system.

According to the Bank of Ghana's 2025 Fraud Report, the surge has been driven largely by the rapid growth of payment service providers, particularly mobile money platforms, as increasing digital transactions create new opportunities for fraudsters.

"Fraud activity has progressively migrated towards the payment service provider sector," the report said, linking the trend to rising transaction volumes and relatively low levels of digital literacy among some users.

The central bank said payment service providers recorded a 98% increase in reported fraud cases between 2022 and 2025, while the value of funds at risk in the sector rose by 42%.

By contrast, banks and specialised deposit-taking institutions recorded improvements in fraud management over the same period, with both sectors reporting declines in fraud incidents and financial exposure.

The report also showed that fraud accelerated over the past year alone.

Reported cases jumped by 48% between 2024 and 2025, increasing from 16,733 to 24,778, while the value at risk rose from GH¢99m to GH¢101m.

The Bank of Ghana attributed most of that increase to fraud targeting digital payment services.

The regulator warned that as more Ghanaians embrace digital financial services, financial institutions would need to invest more heavily in cybersecurity, fraud detection systems and public education to stay ahead of increasingly

sophisticated criminal networks.

It said protecting consumers and maintaining confidence in the financial system would require closer cooperation between banks, payment service providers, regulators and law enforcement agencies.

"Effectively addressing fraud within Ghana's financial sector demands a unified and sustained effort from all stakeholders," the report said.

The central bank also cautioned that fraud risks were likely to become more complex as digital innovation continued to transform the financial sector.

It urged financial institutions to strengthen internal controls

and remain vigilant against evolving threats to safeguard public trust in Ghana's increasingly digital economy.