Ghana’s banking sector has undergone a rapid transformation driven by digitalization, improving convenience, accessibility, and efficiency for customers, including underserved populations.
However, this growth has also introduced new risks, particularly fraud and cyber threats, which could undermine public trust in the financial system, according to Mrs. Matilda Asante-Asiedu, Second Deputy Governor of the Bank of Ghana.
Speaking at the Consumer Reporting Officers Stakeholder Engagement held at Alisa Hotel, North Ridge, Mrs. Asante-Asiedu noted that while digital banking has expanded service delivery, vigilance is critical to protect both institutions and consumers. She explained that banks must embrace technology responsibly, combining innovation with strong safeguards against fraud.
Recent data highlights the rising risks. Reported fraud cases increased by 5%, from 15,865 in 2023 to 16,733 in 2024, while financial losses associated with these activities rose from GHS88 million to GHS99 million. Of particular concern is the growing involvement of bank staff in fraudulent activities, which surged by 33% over the same period.
Mrs. Asante-Asiedu emphasized the role of banks and officers in addressing these challenges. “This alarming trend poses a significant threat to the integrity and resilience of our banking system and must be addressed decisively,” she said, urging Consumer Reporting Officers and Compliance Officers to enforce strong internal controls and ethical standards.
She further highlighted the importance of secure systems and daily cybersecurity practices, noting, “It is essential to implement robust, secure and reliable systems that effectively mitigate the risks associated with digitalization, thereby safeguarding both institutions and consumers.”
To ensure the sector remains trustworthy, the Deputy Governor called for collaboration across all stakeholders. She stressed that regulators, bank management, reporting officers, and consumers must work together to maintain security and protect public trust. “Collaboration is key: Consumer Reporting Officers, bank management, the Bank of Ghana, and consumers must all work together,” she said.
While digital banking continues to offer opportunities for innovation and inclusion, Mrs. Asante-Asiedu warned that institutions must balance growth with stringent controls and consumer protection to preserve confidence in the financial system.
