Fraud cases across Ghana’s financial sector increased by 48% in 2025, with the sharpest growth recorded among Payment Service Providers (PSPs) as cybercriminals increasingly targeted digital payment platforms, according to the Bank of Ghana’s (BoG) 2025 Financial Stability Review.
The central bank said the rapid expansion of digital financial services has created new opportunities for fraudsters, leading to a significant rise in cyber-enabled scams involving mobile money, online payments and other electronic financial services.
Although the number of reported fraud incidents increased substantially, the BoG noted that the total value of losses fell compared with 2024, suggesting that stronger internal controls, improved fraud detection systems and faster recovery efforts helped reduce the financial impact on regulated institutions.
The Financial Stability Review identifies Payment Service Providers as the segment that experienced the fastest growth in reported fraud cases during 2025.
PSPs play a key role in Ghana’s digital economy by facilitating mobile money transactions, electronic payments and other financial technology services. As digital transactions continue to grow, the sector has become an increasingly attractive target for cybercriminals.
The BoG said the trend reflects the changing nature of financial crime, with fraudsters exploiting digital platforms rather than relying solely on traditional banking channels.
Digital Scams Fuel Rising Fraud
According to the report, many of the cases involved cyber-enabled fraud methods, including:
- Phishing attacks designed to steal login credentials.
- Social engineering schemes that manipulate victims into revealing sensitive information.
- Identity theft and account takeover attempts.
- Mobile money and electronic payment fraud.
- Other forms of online financial deception.
The central bank warned that these threats continue to evolve as fraudsters adopt more sophisticated techniques to target individuals and financial institutions.
While fraud incidents increased, the Bank of Ghana reported a decline in the overall value of losses recorded during the year.
The regulator attributed this improvement to stronger fraud prevention measures implemented by financial institutions, including enhanced transaction monitoring, quicker detection of suspicious activity and more effective recovery processes.
The findings suggest that although fraud attempts are becoming more frequent, institutions are improving their ability to limit financial damage.
BoG Calls for Stronger Cybersecurity
The central bank urged banks, specialised deposit-taking institutions and Payment Service Providers to strengthen their cybersecurity frameworks in response to the growing digital threat.
Among the measures recommended are:
- Investment in advanced fraud detection systems.
- Stronger customer authentication and identity verification.
- Continuous monitoring of digital transactions.
- Regular cybersecurity training for employees.
- Greater collaboration with regulators and law enforcement agencies.
The BoG said strengthening cyber resilience will be critical as digital financial services continue to expand across Ghana.
Public Awareness Remains Essential
The report also highlighted the importance of educating customers about online fraud.
Consumers were encouraged to safeguard personal banking information, avoid sharing one-time passwords (OTPs) and verification codes, and remain cautious of unsolicited phone calls, emails and text messages requesting financial details.
The central bank advised customers to report suspicious transactions immediately to their financial institutions to improve the chances of preventing or recovering losses.
Digital Growth Brings New Responsibilities
Ghana’s financial sector has experienced rapid digital transformation, driven by increased adoption of mobile money, online banking and electronic payment services.
While these innovations have expanded financial inclusion and improved access to financial services, the BoG said they have also increased exposure to cyber risks.
The regulator stressed that maintaining public confidence in digital finance will require continued investment in technology, stronger regulatory oversight and close cooperation between financial institutions, fintech companies and security agencies.
The Bank of Ghana said protecting the integrity of Ghana’s financial system remains a priority as digital transactions continue to become an integral part of the country’s economy.
