Owureku Asare, Head of the Fintech and Innovation Department at the Bank of Ghana (BoG), has raised concerns over the increasing cases of fraud within Ghana’s digital financial services sector, citing a 48% rise in reported incidents in 2025.
The development he said highlights the growing risks associated with the rapid expansion of digital financial services and the need for stronger measures to protect consumers and maintain confidence in the financial system.
Speaking on behalf of the Governor of the Bank of Ghana on Tuesday, July 28, he said while digital finance continues to create opportunities for financial inclusion, safeguarding public trust remains a key priority for the central bank.
According to him, confidence in Ghana’s digital financial ecosystem is built on the assurance that customers’ funds are protected and can be accessed when needed, with the BoG playing a critical role through regulation and supervision.
However, he noted that the growth of digital financial services has also introduced new challenges, particularly in the area of fraud.
“Growth also brings new risks. Reported fraud cases rose by 48% in 2025, concentrated in payment services,” he said.
Mr Asare explained that the increase in fraudulent activities has strengthened the Bank of Ghana’s commitment to improving oversight of digital financial service providers and implementing measures to protect users.
He revealed that the central bank is reviewing licensing requirements for digital financial institutions while strengthening consumer protection frameworks across the sector.
Beyond regulatory measures, Mr Asare said the BoG is collaborating with other financial sector regulators to develop a common early warning system to improve cyber resilience and enable quicker responses to emerging threats.
“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 on Joynews.
He also called for increased digital financial literacy, arguing that expanding access to digital services must go hand in hand with educating users on how to safely navigate the digital financial space.
