With Ghana’s fintech ecosystem expanding rapidly, industry leaders are stepping up efforts to combat cyber threats that pose significant risks to digital financial services.
Martin Awagah, President of the Ghana FinTech and Payments Association, with support from Village Minds Production, is spearheading a national fundraising initiative to raise awareness of cybersecurity, data privacy, fraud prevention, and digital financial literacy.
As cyber fraud and data breaches threaten to undermine trust in the fintech sector, Mr. Awagah’s initiative seeks to educate businesses, students, SMEs, and the general public on best practices for digital financial security, helping them guard against online threats, fraud, and scams.
The fundraising campaign, running from March 1 to June 1, 2025, aims to support a nationwide awareness drive on cybersecurity and digital financial literacy.
What the Data Reveals
Statistics from the Bank of Ghana’s 2023 Fraud Report on Banks, SDIs, and PSPs indicate that fraud cases increased from 15,164 in 2022 to 15,865 in 2023, reflecting a 5% rise. These cases resulted in total losses of approximately GH¢88 million in 2023, compared to GH¢82 million in 2022, marking a 7% increase.
Additionally, research from the Cyber Security Authority (CSA) highlights a sharp rise in online blackmail cases. In the first two months of 2024 alone, 85 cases were reported—an alarming 254% increase compared to the same period the previous year. These trends underscore the growing cyber threats individuals and businesses face in the digital space.
Beyond blackmail, online fraud is also on the rise. According to a public alert issued by the CSA, between January and August 2024, 149 cases of online investment fraud were reported, with total losses amounting to GH¢1,986,057. This represents a sharp increase compared to the 63 cases reported in 2023, which saw losses of only GH¢421,621.
Research from key financial regulators further reveals that common cybersecurity threats and fraud schemes include e-money fraud, unauthorized withdrawals, document forgery and falsification, digital lending and credit fraud, phishing attacks, ATM and card fraud, impersonation, SIM swap fraud, remittance fraud, and cash theft, among others.
These alarming statistics highlight a stark rise in cybercrime, emphasizing the urgent need for proactive measures to prevent further escalation and protect unsuspecting victims in today’s complex digital landscape.
Industry Leaders Set the Pace
Mr. Joe Jackson, CEO of Dalex Finance, has already made a significant contribution, donating $10,000 to kickstart the fund. His move sets a precedent, encouraging other fintech institutions, corporate stakeholders, and the broader business community to contribute to the cause and reinforce Ghana’s financial ecosystem against cyber threats.
Strengthening Digital Trust
The initiative aligns with broader efforts to secure Ghana’s digital transformation, ensuring that fintech innovations are not derailed by fraudulent activities. By fostering cybersecurity awareness and equipping businesses with necessary safeguards, the campaign aims to build a resilient fintech landscape free from vulnerabilities.
How to Contribute
Fintech companies, commercial banks, government agencies, NGOs, businesses, and individuals are encouraged to support the cause by donating via the official campaign link: https://bit.ly/4ioPEp7.
As Ghana marks 68 years of independence, this effort underscores a collective responsibility to protect the nation’s digital future and uphold trust in the digital space.
