Fraud incidents across Ghana’s financial sector surged by 48 per cent in 2025, with Payment Service Providers (PSPs) accounting for the overwhelming majority of cases as the rapid expansion of digital financial services continues to attract sophisticated fraud schemes.
According to the Bank of Ghana’s 2025 Fraud Report, the total number of reported fraud cases across Banks, Specialised Deposit-Taking Institutions (SDIs) and PSPs rose to 24,778 in 2025 from 16,733 in 2024.
The total value at risk also increased marginally from GH¢99 million to GH¢101 million over the period.
The central bank noted that while traditional banking institutions recorded improvements in fraud management, the PSP sector experienced a sharp rise in both incidence and exposure levels, reflecting the growing migration of financial services to digital platforms.
“Fraud activity has progressively migrated towards the PSP sector, closely correlating with rapid growth in transaction volumes and relatively lower levels of digital literacy among users,” the report stated.
The PSP sector recorded 24,124 fraud cases in 2025, representing a 54 per cent increase from 15,673 cases reported in 2024. The value at risk nearly doubled to GH¢37 million from GH¢19 million during the same period.
The Bank of Ghana attributed the increase largely to the continued shift toward electronic and digital payment channels, which have expanded access to financial services but also created new opportunities for fraudsters.
With PSPs accounting for more than 97 percent of all fraud cases recorded in the industry, the sector has become the dominant source of fraud-related risk in Ghana’s financial ecosystem.
In contrast, banks reported significant improvements in 2025. Fraud cases declined by 34 percent to 472 from 716 in 2024, while the total value at risk fell by 24 percent to GH¢57 million from GH¢75 million.
The most common fraud types reported by banks were ATM/POS fraud, fraudulent withdrawals, cash suppression, cyber and information systems fraud, and forgery-related offences.
However, cash suppression remained the most costly fraud category. The value at risk linked to cash suppression soared to GH¢40.7 million in 2025 from GH¢2.3 million in 2024, largely due to a single outlier incident involving approximately GH¢36 million.
E-money fraud also rose to GH¢4.6 million from GH¢3.5 million, while fraudulent withdrawals increased by 118 percent to almost GH¢4 million.
Specialised Deposit-Taking Institutions recorded 182 fraud cases in 2025, down 47 percent from 344 cases in the previous year. Despite the decline in incidents, the value at risk increased sharply by 77 percent to approximately GH¢8 million from GH¢4.5 million.
Forgery and manipulation of documents emerged as the most expensive fraud category in the sector, with value at risk reaching GH¢4.2 million compared to just GH¢10,000 in 2024. The report indicated that one institution accounted for GH¢4.1 million of the total exposure.
Cash suppression remained a significant concern for SDIs, accounting for GH¢1.7 million in value at risk, with Rural and Community Banks responsible for about 90 percent of the sector’s cash suppression losses.
The report also highlighted a decline in employee participation in fraudulent activities across banks and SDIs.
The number of staff implicated in fraud fell by 40 percent to 219 in 2025 from 365 in 2024. Of these, 139 cases, representing 63 percent, were related to cash theft and cash suppression.
Banks and SDIs dismissed 75 employees for fraud-related and other offences during the year, down 52 percent from 155 dismissals in 2024. However, only 34 percent of staff implicated in fraud cases were ultimately dismissed.
Data covering the period from 2022 to 2025 reveal a steady increase in fraud activity across the financial sector. Total reported cases rose from 15,164 in 2022 to 24,778 in 2025, while aggregate value at risk increased from GH¢82 million to GH¢101 million.
The Bank of Ghana observed that while banks and SDIs achieved notable reductions in fraud incidents and overall exposure during the period, PSPs recorded a 98 percent increase in fraud cases and a 42 percent rise in value at risk.
The central bank stressed that tackling the growing threat of fraud will require coordinated action among financial institutions, regulators, law enforcement agencies and the public.
“As digitalisation and innovation continue to deepen, the financial landscape becomes increasingly complex and fraud risks continue to evolve,” the report noted, adding that strengthened controls, enhanced oversight and improved public awareness will be critical to preserving confidence in Ghana’s financial system.
The Bank of Ghana said it remains committed to strengthening regulatory frameworks, supervision and fraud prevention initiatives to ensure a resilient and secure financial sector.
By: Christian Akorlie / businesspostonline
