The Bank of Ghana (BoG) says fraud incidents in Ghana’s digital financial space increased by 98% between 2022 and 2025, as criminals increasingly exploit the country’s growing reliance on electronic payments.
Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, said the surge highlights the growing risks accompanying the rapid shift towards digital financial services.
She disclosed that fraud incidents across Ghana’s financial ecosystem increased from 16,733 in 2024 to 24,778 in 2025, representing a 48% increase.
According to her, the increase was driven overwhelmingly by digital transactions, even as fraud incidents within the traditional banking system declined.
“It is not just a shift in the statistics or the data, but it’s also a shift in the financial crime landscape itself.”
Mrs Asante-Asiedu made the remarks at the opening of a technical committee workshop of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB) at Royal Senchi in the Eastern Region.
She said the 98% increase in digital fraud between 2022 and 2025 confirms that criminal activity is following the growth in digital transactions.
“Between 2022 and 2025, fraud incidents in the digital space increased by 98%, confirming again that criminal activity is also following the growth in digital transactions.”
The Second Deputy Governor stressed that the threat goes beyond individual fintech companies and payment service providers, given the interconnected nature of Ghana’s financial system.
“It’s not just a challenge for a PSP. Because think about it, a PSP’s account sits with a bank. And so if that fraud incident happens, it transcends one institution and it affects the entire financial ecosystem.”
She said the growing sophistication of fraudsters makes proactive intervention critical, particularly as consumers increasingly depend on digital channels for everyday payments.
Mrs Asante-Asiedu urged COCLAB members to strengthen intelligence sharing, investigations, prosecutions and public awareness in the fight against financial crime.
She said the ultimate measure of success should be a reduction in financial crimes and stronger protection for customers.
“We should be so efficient that when the fraudster begins to think through their next move, they’ll also think, gosh, what if these people arrest me?”
Source: Wesleyannews.com
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