The Bank of Ghana (BoG) has sounded the alarm over a sharp rise in fraud within the country’s digital financial services sector, revealing that reported cases jumped 48% in 2025 as cybercriminals increasingly targeted payment platforms.

The disclosure has prompted the central bank to tighten oversight of fintech companies and digital financial service providers, warning that institutions failing to protect customers could face regulatory action.

Speaking on behalf of the BoG governor, Head of the Fintech and Innovation Department, Owureku Asare, said the rapid growth of digital finance must not come at the expense of consumer confidence.

While describing digital finance as a key driver of financial inclusion, he warned that the sector’s expansion has also created opportunities for fraudsters to exploit weaknesses in payment systems.

“Growth also brings new risks. Reported fraud cases rose by 48% in 2025, concentrated in payment services,” he said.

Asare announced that the central bank is reviewing its licensing framework for digital financial institutions as part of efforts to improve supervision and strengthen consumer protection.

He said the BoG is also working with other financial regulators to establish a joint early warning system capable of detecting cyber threats and improving responses to fraud.

“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 stated.

The BoG official also urged greater investment in digital financial literacy, arguing that educating users about online scams is essential to safeguarding confidence in Ghana’s growing digital economy.