Mobile Money fraud cases nearly double in a year - Report

Fraud cases in Ghana’s financial sector jumped by 48% in 2025, with the Bank of Ghana (BoG) attributing the surge almost entirely to mobile money and other digital payment platforms.

The central bank’s 2025 Fraud Report shows total reported cases across banks, savings and loans companies, and payment service providers rose from 16,733 in 2024 to 24,778 in 2025.

The value at risk also increased slightly, climbing to GH¢101 million from GH¢99 million.

Payment Service Providers (PSPs) including mobile money operators and fintech firms accounted for the overwhelming majority of incidents.

They recorded 24,124 fraud cases in 2025, a 54% rise from the previous year, with the value at risk nearly doubling to GH¢37 million, up 95%.

By contrast, traditional banks saw fraud cases decline. Reported incidents fell 34% to 472 in 2025, while the value at risk dropped 24% to GH¢57 million.

Savings and loans institutions (SDIs) also recorded a 47% fall in cases, though their value at risk rose sharply by 77% to GH¢8 million.

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The trend has widened over the past four years. Since 2022, PSP fraud cases have risen 98%, with value at risk up 42%, while banks and SDIs have both trended downward.

BoG links the shift to the rapid growth in mobile money transaction volumes combined with low digital literacy among users.

While digital platforms have expanded financial inclusion, the report warns that they have also become the primary target for fraudsters.

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