The Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, is calling for a coordinated industry-wide system to combat fraud across banks, mobile money operato
The report indicates that the Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, is calling for a coordinated industry-wide system to combat fraud across banks, mobile money operators, fintech companies and non-bank financial institutions.
It further notes that he says separate fraud-control systems are inadequate in an interconnected financial ecosystem where transactions can move through several institutions within a short period.
“I know our recommendation is to make sure that we have an industry-wide solution to prevent fraud. So, a solution that will deal with the banks, a solution that will deal with the fintechs, a solution that will deal with non-bank financial institutions. I think we need to have a 360-degree solution, not one that is siloed. All these are connected. So, when you have a solution that is siloed, then it becomes a problem,” Mr. Asare said.
His comments come as Ghana’s digital financial ecosystem records rapid growth alongside rising fraud.
Data from the Bank of Ghana’s 2024 fraud report show that banks, specialised deposit-taking institutions and payment service providers recorded 16,733 fraud cases in 2024, up from 15,865 in 2023.
The total value at risk increased by 13 per cent, from GH¢88 million to approximately GH¢99 million.
Payment service providers accounted for the overwhelming majority of reported incidents, recording 15,673 electronic fraud cases in 2024, compared with 14,655 in 2023.
The value at risk in the sector also rose by 18 per cent, from GH¢16 million to GH¢19 million.
Mr. Asare stated the structure of modern digital payments means fraud affecting one institution can quickly spread through other platforms.
A mobile money wallet may be linked to a bank account, while the bank may also be connected to a fintech company or another payment service provider.
He stated this makes coordination across the financial sector essential.
“The Bankers’ Association, for example, was concerned that the banks are more heavily regulated than the fintechs. He is calling for the same regulation, if you like – put them on the same pedestal, improve collaboration and achieve the same results. If one part of the chain is weak, it affects everybody,” he said.
Mr Asare stated fintech companies also believe banks are less heavily regulated in some areas.
“Interestingly, the fintechs also feel that the banks are less regulated in relation to them. But that is beside the point,” he said.
