Ghana fintech sector urges joint action to curb rising mobile‑money fraud

Ghana’s rapidly expanding digital financial services sector is confronting a surge in fraud that cost more than GH¢19 million and over 2,000 incidents in the first nine months of 2025. MobileMoney Fintech Ltd, an MTN Ghana subsidiary that serves more than 17 million mobile‑money users, released a white paper in June 2026 summarising recommendations from an industry forum held in April 2026.

The paper calls for a coordinated, ecosystem‑wide response, proposing joint coordination mechanisms, faster intelligence sharing among banks, fintech firms, telecom operators and law‑enforcement, accelerated adoption of secure digital channels, and enhanced training for frontline agents who are frequent targets of social‑engineering attacks. CEO Shaibu Haruna stressed that “security must be treated as a collective responsibility.” The document also suggests establishing a national command centre to oversee fraud response, though it offers no implementation timetable or designated lead institution.

Data from Ghana’s Cyber Security Authority and the Bank of Ghana show a steep rise in fraud cases, with 16,733 reported across the financial sector in 2024, underscoring the urgency of the proposed collaborative approach.