In an era where digital transformation is reshaping economies, Ghana’s fintech ecosystem stands as a beacon of innovation and progress. However, with great innovation comes great responsibility. As the sector expands, so do the threats that seek to undermine its growth. Cyber fraud, data breaches, and online scams are on the rise, threatening the trust and security that underpin digital financial services.
Recognizing the urgency of this challenge, Martin Awagah, President of the Ghana FinTech and Payments Association, with support from Village Minds Production, is spearheading a national fundraising initiative aimed at raising awareness on cybersecurity, data privacy, fraud prevention, and digital financial literacy campaign awareness or educational drive.
As cyber fraud and data breaches threaten to undermine trust in the fintech sector, Mr. Awagah’s initiative seeks to educate businesses, students, SME’s and the general public on best practices for digital financial security, guarding against online threats, frauds and scams.
In an exclusive interview with Mr. Awagah, he mentioned that the fundraising campaign, running from March 1 to June 1, 2025, aims to support a nationwide awareness drive on cybersecurity and digital financial literacy.
“As we celebrate 68 years of freedom and justice, let’s take a bold step toward securing our nation’s future in the digital age. This is why we’ve launched a National Cybersecurity, Data Privacy, Fraud, and Digital Financial Literacy Campaign. Donate and be part of this initiative” He told The High Street Journal.
What the Data Reveals
Statistics from the Bank of Ghana’s 2023 Fraud Report on Banks, SDIs and PSPs, data collated from these three sub-sectors indicated that overall, the count of fraud cases increased to 15,865 in 2023 from 15,164 in 2022, reflecting a 5% rise. These cases corresponded to total loss value of approximately Gh¢88 million in 2023 as compared to GH¢82 million in 2022, indicating an increase of about 7%.
Additionally, research from the Cyber Security Authority (CSA) has observed a sharp rise in online blackmail cases. The regulator further reported that in the first two months of 2024, 85 cases were reported, an alarming 254% increase compared to the same period the previous year. These disturbing trends underscore the growing threats individuals and businesses face in the digital space.
Beyond blackmail, online fraud is also on the rise. According to a public alert issued by the CSA, between January and August 2024, 149 cases of online investment fraud were reported, with total losses amounting to GH¢1,986,057. This represents a sharp rise compared to the 63 cases reported in 2023, which saw losses of only GH¢421,621.
These research from major regulators in the financial sector reveal that common types of cybersecurity issues and frauds include e-money fraud, unconfirmed withdrawals, forgery and falsification of documents, digital lending and credit fraud, phishing attacks, ATM/card fraud, impersonation, SIM swap, remittance fraud, cash theft, amongst others.
The issues presented here reveals a stark rise in cybercrime hence urgent measures need to be taken to prevent an astronomical rise of these acts on unsuspecting victims in our current complex digital dispensation.
Industry Leaders Set the Pace
Mr. Joe Jackson, CEO of Dalex Finance, has already made a significant contribution, donating $10,000 to kickstart the fund. His move sets a precedent, encouraging other fintech institutions, corporate stakeholders, and the broader business community to contribute to the cause and reinforce Ghana’s financial ecosystem against cyber threats.
Strengthening Digital Trust
The initiative aligns with broader efforts to secure Ghana’s digital transformation, ensuring that fintech innovations are not derailed by fraudulent activities. By fostering cybersecurity awareness and equipping businesses with necessary safeguards, the campaign aims to build a resilient fintech landscape free from vulnerabilities.
How to Contribute
Fintech companies, commercial banks, government, NGO’s, businesses, and individuals are urged to support the cause by donating via the official campaign link: https://bit.ly/4ioPEp7
As Ghana marks 68 years of independence, this effort underscores a collective responsibility to protect the nation’s digital future and uphold trust in the digital space.
