Mobile Money Fraud Pushes Ghana’s Fraud Cases to 24,778 in 2025 — BoG Report

Ghana’s financial sector recorded a sharp increase in fraud incidents in 2025, largely driven by rising electronic fraud cases within the Payment Service Providers (PSPs) sector, according to the latest fraud report from the Bank of Ghana.

The report, released by the Financial Stability Department of the central bank, revealed that total reported fraud cases across banks, Specialised Deposit-Taking Institutions (SDIs), and PSPs increased from 16,733 cases in 2024 to 24,778 cases in 2025, representing a 48 per cent rise.

The total value at risk also increased slightly from GH¢99 million in 2024 to GH¢101 million in 2025.

According to the report, the sharp rise was mainly influenced by developments in the PSP sector, where fraud cases increased significantly alongside the rapid growth of digital financial transactions.

PSPs Record Nearly 98% of Fraud Cases

The PSP sector accounted for the overwhelming majority of reported fraud cases in 2025, recording 24,124 incidents compared to 15,673 cases in 2024.

This represents a 54 per cent increase, with the value at risk rising by 95 per cent from GH¢19 million to GH¢37 million within the same period.

The Bank of Ghana attributed the increase to the expansion of digital payment platforms and relatively lower levels of digital financial literacy among some users.

The report noted that fraud activities have gradually shifted towards PSPs as more Ghanaians adopt electronic payment channels.

Banks Record Decline in Fraud Cases

Unlike PSPs, banks experienced a reduction in fraud incidents in 2025.

The number of fraud cases reported by banks dropped from 716 in 2024 to 472 in 2025, representing a 34 per cent decline.

The value at risk also reduced by 24 per cent, falling from GH¢75 million to GH¢57 million.

The top fraud categories recorded in banks were ATM/POS fraud, fraudulent withdrawals, cash suppression, cyber and information systems fraud, and forgery or manipulation of documents.

Cash suppression emerged as the biggest financial threat to banks, accounting for GH¢40.7 million in value at risk, largely due to an isolated GH¢36 million incident.

SDIs Record Fewer Cases but Higher Exposure

Specialised Deposit-Taking Institutions (SDIs) also recorded a decline in fraud cases, moving from 344 cases in 2024 to 182 cases in 2025, a 47 per cent reduction.

However, the value at risk increased significantly from GH¢4.5 million to GH¢8 million, representing a 77 per cent rise.

Forgery and manipulation of documents recorded the highest value at risk in the SDI sector at GH¢4.2 million, while cash suppression remained one of the major fraud concerns.

Rural and Community Banks (RCBs) accounted for a significant portion of cash suppression cases within the SDI sector.

Staff-Related Fraud Declines

The report also showed a decline in staff involvement in fraudulent activities across banks and SDIs.

The number of staff implicated in fraud reduced from 365 in 2024 to 219 in 2025, representing a 40 per cent drop.

Out of the 219 staff-related fraud cases recorded, 139 cases involved cash theft and cash suppression.

Banks and SDIs dismissed 75 employees over fraud-related offences in 2025, compared to 155 dismissals in 2024.

BoG Calls for Stronger Fraud Prevention Measures

The Bank of Ghana stressed that tackling fraud requires coordinated efforts among financial institutions, regulators, law enforcement agencies, and the public.

The central bank said increasing digitalisation and innovation have created new opportunities but have also introduced more complex fraud risks.

It reaffirmed its commitment to strengthening supervision, improving regulatory frameworks, and supporting initiatives aimed at protecting Ghana’s financial sector and maintaining public confidence.

Source: Bank of Ghana 2025 Fraud Report