Owureku Asare, Head of the Fintech and Innovation Department at the Bank of Ghana (BoG), has raised concerns over a sharp increase in fraud cases within Ghana’s digital finance services sector, revealing that reported incidents rose by 48% in 2025.
The development has heightened concerns about the growing risks associated with the rapid expansion of digital financial services and the need for stronger measures to protect consumers and preserve confidence in Ghana’s financial system.
Speaking on behalf of the Governor of the Bank of Ghana on Tuesday, July 28, Mr Asare said digital finance continues to create significant opportunities for financial inclusion but stressed that protecting public trust remains a major priority for the central bank.
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According to him, confidence in Ghana’s digital financial ecosystem depends largely on the assurance that customers’ funds are safe and accessible when needed.
He said the Bank of Ghana plays a critical role in maintaining that confidence through effective regulation, supervision and consumer protection.
However, Mr Asare noted that the rapid growth of digital financial services has also created new risks, particularly fraud and other threats targeting users of digital payment platforms.
“Growth also brings new risks. Reported fraud cases rose by 48% in 2025, concentrated in payment services,” he said.
The increase in digital financial fraud cases has prompted the central bank to strengthen its oversight of digital financial service providers and introduce additional measures aimed at protecting consumers.
Digital finance licensing requirements
Mr Asare revealed that the Bank of Ghana is reviewing licensing requirements for digital financial institutions as part of efforts to strengthen the regulatory framework governing the sector.
The central bank is also working to improve consumer protection mechanisms to ensure that users of digital financial services are better protected against fraud and other emerging risks.
Beyond regulatory reforms, Mr Asare said the Bank of Ghana was collaborating with other financial sector regulators to develop a common early warning system.
The proposed system is expected to strengthen cyber resilience across the financial sector and enable regulators and institutions to respond more quickly to emerging digital threats.
He stressed that financial innovation must be accompanied by strong safeguards to protect consumers and maintain the integrity of Ghana’s financial system.
“Where institutions fall short of what is required to protect consumers and preserve confidence, the Bank will act. We have demonstrated that we are prepared to do so when the integrity of the financial system demands it. Innovation must never come at the expense of trust,” he added, according to JoyNews.
Digital financial literacy
The Bank of Ghana has also called for increased digital financial literacy as digital payment platforms and other financial technologies continue to expand across the country.
Mr Asare argued that increasing access to digital financial services must go hand in hand with educating consumers on how to safely navigate the digital financial environment.
He said improved awareness among users would help them identify potential risks, adopt safer digital financial practices and protect themselves from fraudulent activities.
The 48% increase in reported fraud cases in 2025 underscores the growing challenge facing Ghana’s digital financial ecosystem as more consumers embrace mobile money, digital payments and other fintech services.
The Bank of Ghana’s renewed focus on regulation, consumer protection, cyber resilience and digital financial literacy is expected to play an important role in safeguarding consumers while supporting the continued growth of digital finance in Ghana.
CNR