By Nadia Ntiamoah
The financial sector recorded a sharp increase in fraud cases in 2025, with the Bank of Ghana (BoG) revealing that reported incidents rose by 48 percent, while 75 employees of banks and specialised deposit-taking institutions (SDIs) lost their jobs over various fraud-related offences.
The findings are contained in the Bank of Ghana’s 2025 Fraud Report, released by the Central Bank’s Financial Stability Department, which shows that fraud continues to pose a significant threat to the banking and digital financial services industry despite ongoing regulatory reforms and tighter supervisory measures.
According to the report, the total number of fraud cases reported across banks, specialised deposit-taking institutions (SDIs) and Payment Service Providers (PSPs) increased from 16,733 cases in 2024 to 24,778 cases in 2025, representing one of the highest increases recorded in recent years.
The report further indicated that the total value at risk also increased from GH¢99 million in 2024 to GH¢101 million in 2025, highlighting the growing sophistication and frequency of financial crimes.
A review of fraud trends over the past four years showed a steady rise in reported cases. In 2022, the financial sector recorded 15,164 fraud cases, which increased steadily to 24,778 by the end of 2025.
During the same period, the value at risk also climbed from GH¢82 million to GH¢101 million.
Payment Service Providers become new fraud target
The Bank of Ghana identified the rapidly expanding Payment Service Provider (PSP) sector as the biggest driver behind the increase in fraud cases.
According to the report, while traditional banks and specialised deposit-taking institutions experienced reductions in both fraud incidents and financial exposure, fraud activity shifted significantly towards digital financial service providers.
The Central Bank attributed this trend to the rapid growth in mobile money and digital payment transactions, coupled with relatively low levels of digital literacy among many users.
“The fraud activity has therefore progressively migrated towards the PSP sector, closely correlating with rapid growth in transaction volumes and relatively lower levels of digital literacy among users,” the report stated.
Electronic fraud cases within the PSP sector increased from 15,673 cases in 2024 to 24,124 in 2025, representing a 54 percent increase.
The value at risk within the sector almost doubled, rising from GH¢19 million in 2024 to approximately GH¢37 million in 2025, representing a 95 percent year-on-year increase.
Banks record lower exposure despite major cash suppression case
Although banks generally recorded improvements in fraud management, the report disclosed that the total value at risk within the banking sector declined by 24 percent, dropping from GH¢75 million in 2024 to GH¢57 million in 2025.
However, the report identified cash suppression as the single largest fraud category within banks.
Cash suppression accounted for GH¢40.7 million of the total value at risk in 2025, representing an almost 18-fold increase over the GH¢2.3 million recorded the previous year.
The Central Bank explained that this dramatic increase was largely influenced by a single outlier case involving approximately GH¢36 million.
