Stakeholders in Ghana’s financial sector have identified deeper collaborations among regulators, financial institutions and service providers, the public and media as a necessary m
The report indicates that stakeholders in Ghana’s financial sector have identified deeper collaborations among regulators, financial institutions and service providers, the public and media as a necessary measure to address the growing fraud, lately driven by the payment services industry.
It further notes that the call comes on the back of a surge in fraud in cases within the Payment Service Providers (PSPs) segment of Ghana’s financial sector, while banks and Specialised Deposit-taking Institutions (SDIs) record declines.
The rise in PSPs fraud and decline in banks and SDIs’ fraud incidents was contained in the Bank of Ghana’s (BoG) 2025 Fraud Report, stated during a one-day media sensitisation, held in Accra on Wednesday.
The report recorded a rise in fraud cases across banks, SDIs and PSPs from 16,733 in 2024 to 24,778 in 2025, with the total value at risk increasing from GHS99 million to GHS101m, with progress in traditional banking controls, while growing risks were seeing in the fast-expanding digital payments space.
The report noted that staff involvement in fraud across banks and SDIs declined from 365 cases in 2024 to 219 in 2025, representing a 40 per cent reduction, leading to 34 per cent of implicated staff were dismissed.
In the banking sector, fraud cases fell by 34 per cent, from 716 in 2024 to 472 in 2025 as the value at risk also dropped by 24 per cent, from GHS75m to GHS57m, but cash suppression emerged as a major threat, accounting for GHS40.7m, largely due to a single outlier case involving GHS36m fraud incident.
Other major fraud types in banks included e-money fraud, which rose by 32 per cent to GHS4.6m, and fraudulent withdrawals, which more than doubled to GHS3.97m.
On the other hand, Automated Teller Machine (ATM)/ Point of Sale (POS) fraud declined by 41 per cent.
For SDIs, fraud cases decreased by 47 per cent, from 344 in 2024 to 182 in 2025 but the value at risk surged by 77 per cent, rising from GHS4.5m to GHS8m.
Forgery and manipulation of documents accounted for the highest exposure, with GHS4.2m, driven by a single institution reporting GHS4.1m.
Cash suppression remained a persistent challenge for SDIs, with Rural and Community Banks accounting for 90 per cent of the GHS1.7m recorded in 2025, as burglary also rose from GHS0.73m to GHS1.18m.
Fraud cases in the PSP sector jumped by 54 per cent, from 15,673 in 2024 to 24,124 in 2025, with the value at risk nearly doubling from GHS19m to GHS37m, attributed to the rapid growth in digital transactions and relatively lower levels of digital literacy among users, despite the sector’s vital role in promoting financial inclusion.
Mr Bernard Otabil, Director, Communications Department, Bank of Ghana, speaking during the training session, stated the rise in fraud cases in the financial sector, particularly the high risk in the payment services, called for enhanced stakeholder collaboration.
He noted increased sophistication in third world, insider conditions, and the use of social engineering to target customers, adding that individual institutions could reduce the incidents, but working together would provide better outcomes.
