Financial fraud in Ghana’s regulated financial sector has increased by more than 63% over the past four years, with the value of funds exposed to fraudulent activities reaching GH¢101 million, according to the Bank of Ghana’s (BoG) 2025 Fraud Report.
The report revealed that reported fraud cases across banks, specialised deposit-taking institutions (SDIs) and payment service providers (PSPs) rose from 15,164 in 2022 to 24,778 in 2025. During the same period, the value of funds at risk increased from GH¢82 million to GH¢101 million, underscoring the growing threat fraud poses to Ghana’s financial system.
According to the Central Bank, the surge has been driven largely by the rapid expansion of the payment service provider sector, where the widespread adoption of mobile money and other digital payment platforms has created new opportunities for fraudsters.
“Fraud activity has therefore progressively migrated towards the PSP sector, closely correlating with rapid growth in transaction volumes and relatively lower levels of digital literacy among users, notwithstanding the sector’s significant contribution to financial inclusion,” the report stated.
While fraud cases have increased across the financial sector, the BoG noted that banks and specialised deposit-taking institutions have made significant progress in containing fraud. Between 2022 and 2025, both sectors recorded declines in fraud incidents and overall exposure.
In contrast, payment service providers experienced a 98% increase in reported fraud cases and a 42% rise in the value of funds at risk over the four-year period.
The report also highlighted a sharp year-on-year increase in 2025. Reported fraud cases rose by 48%, from 16,733 in 2024 to 24,778 in 2025, while the total value at risk increased marginally from GH¢99 million to GH¢101 million.
According to the Bank of Ghana, the spike in reported incidents was driven almost entirely by developments within the payment service provider sector.
The Central Bank said the evolving fraud landscape reinforces the need for financial institutions to strengthen cybersecurity, improve fraud detection systems and intensify customer education, particularly as digital financial services become more widely used.
It stressed that effectively combating financial fraud will require sustained collaboration among regulators, financial institutions, law enforcement agencies and the public.
“Effectively addressing fraud within Ghana’s financial sector demands a unified and sustained effort from all stakeholders (financial institutions, law enforcement agencies, regulatory bodies, and the public),” the report stated.
The BoG further cautioned that fraud risks will continue to evolve alongside technological innovation, making stronger internal controls, continuous monitoring and heightened vigilance essential to safeguarding public confidence in Ghana’s financial system.
“As digitalisation and innovation continue to deepen, the financial landscape becomes increasingly complex and fraud risks continue to evolve, making constant vigilance and strengthened controls necessary,” the report added.
