Chief Executive Officer of the Ghana Association of Banks, John Awuah, says technology alone cannot protect digital finance users who expose their passwords, PINs, ATM cards, phone
The report indicates that chief Executive Officer of the Ghana Association of Banks (GAB), John Awuah, says technology alone cannot protect digital finance users who expose their passwords, PINs, ATM cards, phones and account details to fraudsters.
It further notes that he says banks have invested heavily in cybersecurity infrastructure and are required to comply with strict security standards, but the customer remains a critical part of the security chain.
“Banks are heavily regulated. The Bank of Ghana will not allow banks to operate unless they comply with major security standards and certifications. Banks have invested heavily in cyber security infrastructure. But what can systems do if the people using them remain vulnerable? That is why users themselves are a critical part of the security chain,” he explained.
Mr. Awuah was speaking in a yet-to-be-aired documentary, “The Trust Crisis,” ahead of the maiden Digital Economy Forum under the theme, “The Trust Crisis: Why Fraud Is Holding Back Ghana’s Digital Economy.”
The thought-leadership platform, an initiative of Hubtel, will air on JoyNews and Joy FM on Wednesday, July 22, 2026, at 8 p.m.
The forum will bring together regulators, banks, fintech companies, payment service providers, telecommunications firms, cybersecurity experts, businesses and consumers to examine how fraud is affecting confidence in Ghana’s digital economy.
Mr. Awuah stated the biggest weakness in many digital fraud cases is not always the bank’s system or the payment architecture. In many cases, he said, customers expose themselves through poor security habits.
He stated once another person gains access to a customer’s device, the risk can spread across several financial channels.
“From our investigations, a lot of digital fraud involves some level of customer complicity or vulnerability. People write down PINs, store passwords on phones, share ATM cards and give access details to others. Once somebody gains access to your device, they may gain access to your internet banking, your passwords, your mobile wallet and your financial information. People must understand that once they choose to operate within the digital financial space, they also have a responsibility to protect themselves,” he said.
His comments come as Ghana’s digital payment ecosystem continues to expand.
The Bank of Ghana’s 2024 Payment Systems Oversight Annual Report says Ghana’s payment landscape remained “buoyant and robust” in 2024 as adoption of digital payments increased. The central bank stated it focused on effective oversight of players within the space to keep risks associated with digital payments at a minimum.
Available data from the report shows payment service providers processed about 8.1 billion transactions valued at approximately GH¢3 trillion in 2024, underscoring the scale of activity now flowing through digital channels.
But fraud exposure has also remained a major concern.
The Bank of Ghana’s 2024 fraud report covers attempted and successful fraudulent activities recorded by banks, specialised deposit-taking institutions and payment service providers from January to December 2024.
