Ghana's financial sector recorded a 48% increase in fraud cases in 2025, rising to 24,778 incidents from 16,733 in 2024. The total value at risk also increased from GHS99 million to GHS101 million. These figures come from the Bank of Ghana's (BoG) 2025 Fraud Report.
This significant rise was mainly due to a surge in fraud within the Payment Service Providers (PSPs) segment. Banks and Specialised Deposit-taking Institutions (SDIs) actually saw a decline in fraud incidents. The report highlights growing risks in the rapidly expanding digital payments space.
This trend shows a shift in fraud patterns within Ghana's financial landscape. While traditional banking controls are improving, the rapid adoption of digital payment services creates new vulnerabilities. The increase in fraud cases for PSPs reflects the increasing reliance on mobile money and online transactions. This expansion is a key part of Ghana's push for financial inclusion, but it also brings new challenges for security.
Mr. Bernard Otabil, Director of the Communications Department at the Bank of Ghana, spoke during a media sensitisation event. He stated that the rise in fraud, particularly in payment services, requires better collaboration among all stakeholders. He highlighted the increasing sophistication of fraudsters, insider involvement, and the use of social engineering tactics.
Fraud cases in the PSP sector jumped by 54%, from 15,673 in 2024 to 24,124 in 2025. The value at risk nearly doubled from GHS19 million to GHS37 million. The BoG attributes this to the rapid growth in digital transactions and lower levels of digital literacy among users. Conversely, fraud cases in the banking sector fell by 34%, from 716 in 2024 to 472 in 2025. The value at risk in banks also dropped by 24%, from GHS75 million to GHS57 million. Cash suppression, however, remained a major threat for banks, accounting for GHS40.7 million. For SDIs, fraud cases decreased by 47% to 182 in 2025, but the value at risk surged by 77% to GHS8 million.
The Bank of Ghana reiterated its commitment to enhanced regulatory frameworks and improved supervision. Decision-makers will likely increase focus on digital literacy campaigns and strengthen security protocols for PSPs. Financial institutions and regulators will need to work closely to maintain public trust in the evolving digital payment ecosystem. The Ghana Association of Banks (GABs) is already running a nationwide awareness campaign to combat fraud risks and encourages broad public engagement.