Ghana’s move towards digital payments has transformed how people send, receive and manage money, but it has also opened a new front in the fight against financial fraud. According to the Bank of Ghana (BoG) report, payment service providers (PSPs) became the biggest target for fraud in 2025, accounting for the majority of reported cases across the financial sector.
The BoG’s 2025 Fraud Report showed that total reported fraud cases across banks, specialised deposit-taking institutions (SDIs), and PSPs rose to 24,778 in 2025 from 16,733 in 2024, representing a 48% increase.
The rise was driven mainly by the PSP sector, where fraud cases increased by 54% from 15,673 in 2024 to 24,124 in 2025.
The development reflects the changing nature of Ghana’s financial system, where millions of people now rely on mobile money, digital wallets and electronic payments for everyday transactions. As more money moves through digital channels, fraudsters have increasingly shifted their attention to these platforms.
For many Ghanaians, digital payments have become part of daily life, used for sending money to relatives, paying bills, buying goods and receiving payments. But the rapid growth of these services has also increased exposure to fraud risks, particularly through impersonation, fake promotions and attempts to obtain customers’ personal information.
The value of fraud at risk within the PSP sector nearly doubled during the period, rising from GH¢19 million in 2024 to GH¢37 million in 2025, an increase of 95%.
Despite the rise in overall fraud cases, traditional banks recorded improvements during the year. Fraud cases reported by banks declined by 34%, falling from 716 cases in 2024 to 472 cases in 2025.
The value at risk for banks also dropped from GH¢75 million to GH¢57 million, representing a 24% decline.
However, internal fraud remained a major concern for banks. Cash suppression, where funds are deliberately withheld or misappropriated by individuals with access to cash, accounted for the largest share of bank fraud losses, reaching GH¢40.7 million in 2025.
The BoG said the figure was significantly influenced by an exceptional GH¢36 million case, highlighting how a single incident can have a major impact on overall fraud exposure.
Specialised deposit-taking institutions also recorded fewer fraud cases, declining from 344 in 2024 to 182 in 2025. However, the value at risk increased by 77% to about GH¢8 million, driven largely by cases involving forgery and manipulation of documents.
Fraud follows Ghana’s digital money trail
The shift in fraud patterns reflects a broader change in Ghana’s financial landscape. As digital transactions continue to expand, criminals are increasingly targeting platforms where large numbers of users interact daily.
The challenge for financial institutions is therefore no longer only about protecting banking systems, but also about ensuring that millions of digital finance users can transact safely.
Improving customer awareness, strengthening authentication systems, investing in cybersecurity and enhancing fraud monitoring have become critical measures in reducing digital financial crime.
For customers, many fraud attempts still rely on simple methods, fake calls, fraudulent messages, impersonation and requests for confidential information.
Recovery remains a challenge
Recovering stolen funds continues to be difficult despite efforts by financial institutions to combat fraud.
Across banks and SDIs, about GH¢3.7 million was recovered from a reported fraud value of GH¢68.2 million in 2025, leaving a net value at risk of approximately GH¢64.5 million.
The limited recovery rate highlights the importance of preventing fraud before losses occur, as funds moved through digital channels can quickly become difficult to trace and recover.
As Ghana continues to expand its digital finance ecosystem, maintaining public trust will depend not only on increasing access to financial services but also on ensuring that those services remain secure.
The BoG report highlights a new reality for Ghana’s financial sector: as more people move their money online, protecting digital transactions will become just as important as expanding them.
