Mobile Money growth fuels rising fraud risks – BoG

Fraud on Ghana’s digital payment platforms is rising sharply, according to the Bank of Ghana’s 2025 Fraud Report, underscoring the risks that come with rapid mobile money adoption.

Payment service providers (PSPs) including mobile money operators and fintech firms recorded more than 24,000 fraud cases last year, a jump of over 54% compared to 2024. Losses nearly doubled to GH¢37 million.

The central bank attributes the surge to a troubling gap, while more Ghanaians are transacting digitally than ever before, many still lack the knowledge to protect themselves. Fraudsters are exploiting this vulnerability.

The problem extends beyond mobile money. ATM and POS fraud remain among the top five fraud types at banks, alongside fraudulent withdrawals and identity theft.

E‑money fraud value rose 32% in 2025.

Banks and savings institutions, however, have made progress in curbing losses. Fraud cases at banks fell 34%, while the value at risk dropped 24%. Savings and loans companies also cut fraud cases by nearly half.

The Bank of Ghana stressed that tackling fraud requires collective vigilance from regulators, financial institutions, and the public as Ghana’s digital finance ecosystem continues to expand.

DR/SA

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