Key players in Ghana’s financial technology ecosystem have reaffirmed their commitment to intensifying collaboration in the fight against digital fraud as the country’s digital economy continues to grow.
Industry leaders drawn from the banking sector, fintech companies, regulators, cybersecurity institutions and academia stressed that defeating online financial crime requires a coordinated national approach rather than isolated interventions.
The consensus emerged during discussions at the inaugural Digital Economy Forum hosted by Joy FM, where experts examined the growing threat posed by cybercriminals and the measures being introduced to safeguard digital financial services.
Among the speakers were MobileMoney Fintech LTD’s Chief Risk and Compliance Officer, Godwin Tamakloe; Deputy Director-General for Technical Operations at the Cyber Security Authority, Stephen Cudjoe-Seshie; Hubtel’s Head of Internal Affairs, Ebenezer Boffour; economist Professor Godfred Bokpin; Ghana Association of Banks Chief Executive Officer John Awuah; and the Bank of Ghana’s Head of Fintech and Innovation, Elhanan Owureku Asare.
Participants agreed that fraud prevention has become a shared responsibility involving financial institutions, payment service providers, regulators, law enforcement agencies and customers themselves.
John Awuah explained that Ghana’s banking industry has significantly strengthened its investment in cybersecurity and public education, noting that financial institutions recognize trust as the foundation of digital banking.
According to him, protecting customers remains a priority because a single major fraud incident can undermine years of business growth and public confidence.
He observed that institutions across the financial sector are increasingly working together, replacing fragmented approaches with stronger partnerships aimed at improving information sharing and coordinated responses to emerging threats.
Godwin Tamakloe noted that fintech companies have equally expanded nationwide awareness campaigns to educate customers on common fraud schemes.
He said today’s criminals increasingly rely on social engineering tactics, manipulating individuals into voluntarily revealing confidential information rather than attempting to break through sophisticated security systems.
According to him, fraudsters exploit human behaviour by impersonating trusted institutions and convincing unsuspecting victims to disclose PINs, passwords and one-time verification codes.
He emphasized that even financially literate customers have fallen victim to such deceptive techniques, demonstrating that awareness must remain continuous.
From the regulatory perspective, Elhanan Owureku Asare disclosed that the Bank of Ghana continues to strengthen the country’s digital financial security architecture through enhanced cyber resilience initiatives and forensic capabilities.
He said the central bank is deepening cooperation with industry stakeholders to improve fraud detection, intelligence sharing and coordinated incident response.
He further revealed ongoing efforts to integrate more fintech firms into the country’s Financial Industry Command Security Operations Centre, a move expected to improve real-time monitoring and facilitate quicker responses to suspicious digital transactions.
Hubtel’s Ebenezer Boffour pointed out that payment service providers remain attractive targets for cybercriminals because they occupy a critical position within the digital payment chain, allowing fraudsters to move stolen funds rapidly once they gain unauthorized access.
He referenced recent industry data indicating that a large proportion of reported digital fraud incidents involve fintechs and payment service providers.
However, he explained that while such platforms may record higher case volumes, the monetary losses associated with attacks on traditional bank accounts can often be substantially larger.
Boffour also encouraged fintech companies to increase public engagement through sustained customer education campaigns similar to those regularly undertaken by major banks and telecommunications operators.
Greater visibility, he said, would help improve public awareness and reduce the success rate of fraud attempts.
Stephen Cudjoe-Seshie reaffirmed the Cyber Security Authority’s commitment to strengthening partnerships with financial institutions and technology companies to enhance intelligence sharing, cybersecurity enforcement and coordinated investigations targeting digital criminals.
Economist Professor Godfred Bokpin concluded that the evolution of digital financial services inevitably creates new opportunities for cybercriminals, making fraud prevention an ongoing responsibility.
He stressed that continuous investment in technology, public education and institutional collaboration will remain essential as fraudsters develop increasingly sophisticated methods of attack.
The forum ended with a unified message that safeguarding Ghana’s digital economy requires constant vigilance, stronger cooperation among stakeholders and sustained public awareness to stay ahead of evolving cyber threats.
