Fraud across Ghana’s financial sector increased sharply in 2025, with electronic fraud in the Payment Service Provider (PSP) sector emerging as the primary driver, according to the Bank of Ghana’s 2025 Fraud Report.
The report revealed that total reported fraud cases across banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers rose by 48 percent, increasing from 16,733 cases in 2024 to 24,778 in 2025.
The total value at risk also increased slightly, rising from GH¢99 million in 2024 to GH¢101 million in 2025.
PSP Sector Records Sharp Rise
The Bank of Ghana attributed the industry-wide increase largely to the rapid growth of digital payment platforms and the rising incidence of electronic fraud within the PSP sector.
According to the report, fraud cases reported by Payment Service Providers increased by 54 percent, climbing from 15,673 in 2024 to 24,124 in 2025.
The value at risk within the sector also surged by 95 percent, rising from GH¢19 million to GH¢37 million.
The central bank noted that the growing adoption of digital financial services, coupled with relatively low levels of digital literacy among some users, has made electronic payment platforms increasingly attractive targets for fraudsters.
Banks Record Improvement
In contrast, banks recorded significant improvements in their fraud indicators during the year.
Reported fraud cases declined by 34 percent, falling from 716 in 2024 to 472 in 2025, while the total value at risk reduced by 24 percent from GH¢75 million to GH¢57 million.
The report identified ATM and Point-of-Sale (POS) fraud, fraudulent withdrawals, cash suppression, cyber fraud, and document forgery as the most common fraud schemes affecting banks.
SDIs Report Fewer Cases but Higher Losses
Specialised Deposit-Taking Institutions also experienced fewer fraud incidents in 2025.
Cases dropped by 47 percent, declining from 344 in 2024 to 182 in 2025.
However, despite the lower number of reported cases, the value at risk increased by 77 percent to approximately GH¢8 million, mainly due to a few high-value fraud cases involving document forgery and manipulation.
Digital Fraud Becoming the New Threat
The Bank of Ghana observed that fraud has steadily increased across the financial sector over the past four years.
Between 2022 and 2025, total reported fraud cases rose from 15,164 to 24,778, while the total value at risk increased from GH¢82 million to GH¢101 million.
According to the central bank, the figures reflect a gradual shift away from traditional banking fraud towards increasingly sophisticated digital financial crimes.
The Bank of Ghana called for stronger collaboration among financial institutions, regulators, law enforcement agencies and the public to tackle the growing threat.
It added that improving fraud detection systems, strengthening regulatory oversight and increasing public awareness will be critical to protecting Ghana’s expanding digital financial ecosystem and maintaining confidence in the country’s financial sector.
