The rapid growth of digital financial services is reshaping Ghana’s fraud landscape, with Payment Service Providers (PSPs) emerging as the primary targets of financial crime, according to the Bank of Ghana’s 2025 Fraud Report.
The report indicates that while traditional banking fraud is gradually declining, criminals are increasingly exploiting digital payment platforms, contributing to a significant rise in fraud cases across the country’s financial sector.
Overall, reported fraud cases across banks, Specialised Deposit-Taking Institutions (SDIs) and PSPs increased by 48 per cent in 2025, rising from 16,733 cases in 2024 to 24,778 cases.
The total amount involved in reported fraud also rose slightly from GH¢99 million in 2024 to GH¢101 million in 2025.
Digital payment platforms account for the majority of fraud cases
According to the central bank, the sharp increase was driven almost entirely by fraud reported within the PSP sector, reflecting the growing adoption of electronic payments and mobile financial services.
Fraud cases involving PSPs climbed by 54 per cent, increasing from 15,673 in 2024 to 24,124 in 2025.
The financial exposure associated with these cases nearly doubled, with the value at risk rising by 95 per cent—from GH¢19 million to GH¢37 million.
The Bank of Ghana attributed the trend to the continued expansion of digital payment services and relatively low levels of digital literacy among some users, making them more vulnerable to fraud.
Banks record notable improvement
In contrast, the banking sector recorded a significant reduction in fraud incidents during the year.
Reported fraud cases declined by 34 per cent, falling from 716 in 2024 to 472 in 2025.
The value at risk also dropped by 24 per cent, decreasing from GH¢75 million to GH¢57 million.
The report identified ATM and Point-of-Sale (POS) fraud, fraudulent withdrawals, cyber fraud, cash suppression and document forgery as the most common fraud schemes affecting banks.
SDIs report fewer cases but larger losses
Specialised Deposit-Taking Institutions also experienced a decline in reported fraud cases.
Incidents dropped by 47 per cent, from 344 cases in 2024 to 182 in 2025.
However, despite fewer reported cases, the value at risk increased sharply by 77 per cent to approximately GH¢8 million.
The central bank attributed the higher financial exposure to a small number of high-value fraud cases involving document forgery and manipulation.
Four-year trend highlights changing fraud patterns
The report shows that financial fraud has steadily increased over the past four years as digital financial services continue to expand.
Reported fraud cases rose from 15,164 in 2022 to 24,778 in 2025, while the industry’s total value at risk increased from GH¢82 million to GH¢101 million over the same period.
According to the Bank of Ghana, the figures illustrate a clear shift in criminal activity from conventional banking channels to digital financial platforms.
BoG calls for stronger collaboration
The central bank says addressing the evolving fraud threat will require coordinated action among financial institutions, regulators, law enforcement agencies and the public.
It recommends strengthening fraud detection systems, enhancing cybersecurity measures, improving customer education on digital financial safety and reinforcing regulatory oversight to protect consumers and maintain confidence in Ghana’s rapidly growing digital financial ecosystem.
As digital payments become increasingly central to everyday financial transactions, the Bank of Ghana says building public awareness and investing in stronger fraud prevention mechanisms will be critical to reducing financial crime in the years ahead.
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