Fraud cases reported across Ghana’s regulated financial sector rose sharply in 2025, with the rapid expansion of digital financial services emerging as the biggest driver of the increase, according to the Bank of Ghana’s 2025 Fraud Report.
The report shows that total reported fraud incidents across banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) climbed from 16,733 cases in 2024 to 24,778 in 2025, representing a 48 per cent increase. The total value at risk also edged up from GH¢99 million to GH¢101 million during the period.
While the overall financial exposure increased only marginally, the composition of fraud shifted significantly toward the digital payments ecosystem.
According to the central bank, Payment Service Providers accounted for 24,124 of all fraud cases recorded in 2025, representing more than 97 per cent of total reported incidents. The sector recorded a 54 per cent increase in fraud cases from 15,673 in 2024, while the value at risk nearly doubled from GH¢19 million to GH¢37 million.
The Bank of Ghana attributed the trend to the continued growth in digital financial services, increasing transaction volumes and relatively low levels of digital literacy among some users despite the sector’s role in expanding financial inclusion.
The report notes that fraud activity has progressively migrated from traditional banking channels to the PSP sector over the past four years. Between 2022 and 2025, fraud cases in the PSP industry increased by 98 per cent, while the value at risk rose by 42 per cent. Over the same period, banks and SDIs recorded notable declines in both fraud incidents and overall exposure.
Industry-wide, banks recorded 472 fraud cases in 2025, down 34 per cent from 716 cases in the previous year. The value at risk in the banking sector also fell by 24 per cent from GH¢75 million to GH¢57 million. SDIs similarly reported a 47 per cent reduction in fraud cases, declining from 344 to 182 incidents, although the value at risk increased by 77 per cent from approximately GH¢4.5 million to GH¢8 million.
The report suggests that while conventional banking institutions have strengthened fraud controls over recent years, fraudsters are increasingly targeting the country’s fast-growing electronic payment platforms.
The central bank also observed that the industry’s digital transformation presents both opportunities and emerging vulnerabilities, requiring institutions to invest continuously in cybersecurity, fraud detection systems and customer education.
Looking at the broader trend, fraud cases across the regulated financial sector have increased steadily from 15,164 in 2022 to 24,778 in 2025, while the total value at risk has grown from GH¢82 million to GH¢101 million.
The Bank of Ghana said tackling the evolving threat will require coordinated action involving financial institutions, regulators, law enforcement agencies and the public. It stressed that as digitalisation continues to deepen across the financial sector, fraud risks are becoming increasingly sophisticated and will require stronger controls, enhanced supervision and sustained public awareness campaigns to maintain confidence in Ghana’s financial system.
