Bank of Ghana Report Shows PSP Fraud Driving Financial Sector Losses

Ghana's financial sector recorded a sharp rise in reported fraud in 2025, with the latest Bank of Ghana figures pointing to a fast-moving shift in risk from traditional banking channels to payment service providers.

The Bank of Ghana's 2025 Fraud Report, prepared by the Financial Stability Department, shows that total reported fraud cases across banks, specialised deposit-taking institutions and payment service providers climbed from 16,733 in 2024 to 24,778 in 2025. That represents a 48 per cent increase in one year.

The value at risk, however, rose only marginally. It moved from GH¢99 million in 2024 to GH¢101 million in 2025, suggesting that the sector is now dealing with a much higher volume of incidents while overall exposure has increased at a slower pace.

Total reported fraud cases rose to 24,778 in 2025, while the value at risk reached GH¢101 million, according to the Bank of Ghana's 2025 Fraud Report.

Payment providers become the main pressure point

The report makes clear that the strongest driver of the rise was the payment service provider sector. While banks and specialised deposit-taking institutions recorded reductions in some fraud indicators, PSPs saw both the number of cases and the value at risk increase.

Fraud cases in the PSP sector rose by 98 per cent, while the value at risk increased by 42 per cent. The central bank linked the trend to the rapid growth of digital transactions and weaker digital literacy among some users.

In the words of the report, fraud activity has been progressively migrating towards PSPs, closely tracking the expansion in transaction volumes and the relatively lower levels of digital literacy among customers.

Electronic fraud incidents in the PSP space reached 24,124 in 2025. That was a 54 per cent increase from the 15,673 cases recorded in 2024. The value at risk in that segment also rose sharply, moving from GH¢19 million in 2024 to GH¢37 million in 2025, a 95 per cent year-on-year jump.

Those figures show why digital finance has become the frontline of Ghana's fraud challenge. The country has benefited from wider access to mobile money, digital payments and online financial services, but the same expansion has created new openings for fraudsters targeting users, systems and transaction flows.

Banks see lower exposure, but cash suppression spikes

For banks, the total value at risk fell by 24 per cent, from GH¢75 million in 2024 to GH¢57 million in 2025. That decline suggests stronger containment in parts of the formal banking sector, but the details show that familiar internal control risks remain serious.

Cash suppression accounted for the highest value at risk in banks during the year. The amount involved reached GH¢40.7 million in 2025, compared with GH¢2.3 million in 2024. The Bank of Ghana attributed the extraordinary jump mainly to an outlier involving GH¢36 million.

Specialised deposit-taking institutions also recorded increased fraud exposure. Their total value at risk rose from about GH¢4.5 million in 2024 to approximately GH¢8 million in 2025, representing a 77 per cent increase.

In the SDI segment, forgery and manipulation of documents accounted for the highest value at risk. It reached GH¢4.2 million in 2025, compared with GH¢0.01 million in 2024. The scale of the increase points to the need for sharper verification systems, stronger documentation controls and more active internal monitoring.

• Total fraud cases across the sector rose from 16,733 to 24,778.
• Aggregate value at risk increased from GH¢99 million to GH¢101 million.
• PSP electronic fraud incidents reached 24,124.
• Banks recorded GH¢57 million in value at risk.
• SDIs recorded about GH¢8 million in value at risk.

Staff involvement declines, but dismissals continue

The report also captured staff-related fraud in banks and specialised deposit-taking institutions. The number of staff involved in fraudulent activity dropped from 365 in 2024 to 219 in 2025, a 40 per cent reduction.

Even with that decline, cash theft and cash suppression remained the dominant issues. Out of the 219 staff linked to fraud, 139 were involved in those two categories. That represents 63 per cent of the total.

Banks and SDIs dismissed 75 staff members in 2025 for various fraud-related reasons. This was lower than the 155 dismissals recorded in 2024, representing a 52 per cent reduction. Of the 75 dismissals, 44 were connected to cash theft-related fraud, accounting for 59 per cent.

Recoveries remained modest when compared with the scale of exposure. About GH¢3.7 million was recovered from the GH¢68.2 million total fraud value at risk for banks and SDIs. That recovery represented 5 per cent and reduced the outstanding value at risk to GH¢64.5 million.

The four-year trend remains a concern for regulators and financial institutions. From 2022 to 2025, reported fraud cases rose steadily from 15,164 to 24,778. Over the same period, aggregate value at risk increased from GH¢82 million to GH¢101 million.

The Bank of Ghana said fighting fraud in the financial system requires coordinated and sustained action from financial institutions, law enforcement agencies, regulators and the public. The central bank warned that as digitalisation and innovation deepen, the financial landscape becomes more complex and fraud risks continue to change.

"As digitalisation and innovation continue to deepen, the financial landscape becomes increasingly complex, and fraud risks continue to evolve, making constant vigilance and strengthened controls necessary," the report stated.

The central bank reaffirmed its commitment to building a safer and more resilient financial sector through stronger regulatory frameworks, improved supervision and fraud prevention initiatives.

For banks, SDIs and payment service providers, the message is direct. The sector cannot rely only on growth in digital adoption. It must match that growth with stronger controls, faster detection, better customer education and firmer consequences for internal misconduct.