By Angel No Lie | KPD Online | October 8, 2026

The Bank of Ghana (BoG) has renewed its warning to the public over the growing threat of digital financial fraud, particularly schemes promising unusually high or guaranteed returns through online platforms.

The warning comes as the central bank intensifies efforts to protect consumers from fraudulent financial operators and unlicensed digital businesses operating through social media, mobile applications and other digital channels.

In a statement published on October 7, the BoG urged the public to be particularly cautious of financial products that are complicated, difficult to understand or promoted with promises of quick and attractive profits. The central bank said such offers could be indicators of fraudulent investment arrangements, including Ponzi-type schemes.

‘Double Your Money’ schemes under scrutiny

The BoG has specifically warned against so-called “money doubling” and “card loading” schemes, in which individuals are encouraged through traditional or social media platforms to deposit funds in exchange for promised attractive returns.

The central bank has previously stressed that it has not licensed individuals or entities to operate money-doubling schemes and has advised the public not to participate in such activities.

The warning has gained renewed relevance after the Bank identified a fraudulent operation using the name “Worldremit” in Ghana. The BoG clarified that the scheme is unrelated to the legitimate international money-transfer company WorldRemit and cautioned consumers against falling for the impersonation.

BoG urges consumers to verify licences

The central bank is urging Ghanaians to verify the regulatory status of any financial institution, investment platform, digital lender or payment service before sending money.

The BoG has repeatedly advised consumers to deal only with institutions that have the appropriate licence or authorisation and to exercise caution when approached through social media or messaging platforms with investment opportunities promising unusually high returns.

Unlicensed digital lenders also flagged

The crackdown extends beyond money-doubling schemes.

In September, the BoG published a list of unlicensed digital credit providers operating in Ghana. The central bank said such operators were providing digital loans without the required authorisation and warned the public against engaging with them.

The Bank has also said unlicensed digital-credit operations can create significant concerns around consumer protection and customer data privacy, while urging banks, specialised deposit-taking institutions and payment service providers not to facilitate transactions for unauthorised digital lenders.

How to spot a potential scam

Financial experts and regulators generally advise consumers to be cautious when an online financial opportunity:

• Promises to double money within a short period.
• Guarantees unusually high returns with little or no risk.
• Pressures users to deposit money immediately.
• Relies heavily on referrals or recruitment of other participants.
• Cannot clearly explain how profits are generated.
• Claims to be regulated but cannot provide verifiable licensing information.
• Requests sensitive banking, mobile-money or identification details through unofficial channels.

The BoG has also urged the public to report suspicious financial activities to the appropriate authorities rather than transferring money to questionable operators.

A warning for Ghana’s increasingly digital economy

As mobile payments, digital lending, online investments and other financial technologies become increasingly accessible, regulators face the challenge of protecting consumers from operators exploiting the convenience and reach of digital platforms.

The latest warnings from the BoG underline the importance of verifying financial service providers before committing funds, particularly when an offer appears too good to be true.

For consumers, the central message is straightforward: verify first, pay later — and do not assume that a professional-looking website, social-media page or mobile application means an operator is licensed.

Source: Bank of Ghana notices and public statements.