The Bank of Ghana (BoG) has disclosed that reported fraud cases in Ghana’s digital financial services sector increased by 48 per cent in 2025, highlighting the growing risks associated with the rapid expansion of digital finance.
Speaking on behalf of the Governor of the Bank of Ghana at the maiden Ecobank–JoyNews Business Financial Dialogue held on Tuesday, July 28, at the Ecobank Auditorium in Accra, Head of the FinTech and Innovation Department at the BoG, Mr Owureku Asare, said maintaining public trust remains a key priority for the central bank.
He explained that confidence in digital financial services has been sustained because customers are assured that their funds are protected and redeemable on demand, with the BoG ensuring this through effective regulation and supervision.
However, Mr Asare cautioned that the growth of digital finance has also introduced new and evolving risks.
“Growth also brings new risks. Reported fraud cases rose by 48 per cent in 2025, concentrated in payment services,” he said.
According to him, the increase in fraud cases has strengthened the Bank of Ghana’s commitment to improving supervision of digital financial services to protect consumers and maintain confidence in the financial system.
He said the central bank is tightening licensing requirements for digital financial service providers while enhancing consumer protection measures across the sector.
Mr Asare added that the BoG is collaborating with other financial sector regulators to establish a common early warning system to improve cyber resilience and strengthen the detection and response to emerging threats.
He stressed that the central bank would continue to take enforcement action against institutions that fail to meet required standards for protecting customers and safeguarding 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,” he said.
Mr Asare further emphasised that technological innovation must not come at the expense of public confidence in digital financial services.
“Innovation must never come at the expense of trust,” he added.
He also called for increased digital financial literacy, arguing that expanding access to digital financial services without equipping users with the knowledge to use them safely does not amount to true financial inclusion.
Mr Asare urged banks, fintech companies and other financial service providers to take greater responsibility for educating customers about financial products and the risks associated with digital platforms.
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