Bank of Ghana reports surge in mobile money fraud, losses exceed GH¢100 million

The Bank of Ghana’s 2025 Fraud Report shows a 48% increase in reported fraud cases across the financial sector, rising to 24,778 incidents and pushing the total value at risk to GH¢101 million. The surge is almost entirely driven by Payment Service Providers – the country’s mobile‑money operators MTN Mobile Money, AirtelTigo and Telecash – whose cases jumped 54% to 24,124 and whose value at risk nearly doubled to GH¢37 million.

Fraud in banks and specialised deposit‑taking institutions fell, with cases dropping 34% to 472 and 47% to 182 respectively, but cash‑suppression fraud remained the most costly, accounting for GH¢40.7 million of exposure. Overall, banks and SDIs reported GH¢68.2 million in fraud exposure but recovered only GH¢3.7 million, a recovery rate of 5%.

Bank of Ghana officials, including Eric Cab‑Beyuo, warned that fraudsters rely on social engineering and fake calls rather than technical hacking, urging users to stay vigilant. The regulator emphasized the need for stronger internal controls, enhanced supervision and public awareness to protect the integrity of Ghana’s rapidly digitising financial system.