The Bank of Ghana fraud prevention strategy needs a fundamental rethink as digital payments become increasingly interconnected, according to the central bank's Head of Fintech and Innovation, Elhanan Owureku Asare.
His message is simple. Fraud no longer stops at the boundaries of a single bank, fintech company or mobile money operator. It moves across platforms, often within minutes.
Speaking on the need to strengthen Ghana's financial security framework, Mr. Asare argued that fragmented fraud detection systems are no longer fit for purpose in a digital economy where institutions are deeply connected.
"I think we need to have a 360-degree solution, not one that is siloed. All these are connected. So, when you have a solution that is siloed, then it becomes a problem," he said.
The proposal comes as fraud cases continue to rise alongside the rapid expansion of Ghana's digital financial services.
Fraud Cases Continue to Climb
Figures from the Bank of Ghana's 2024 Fraud Report paint a worrying picture.
Banks, specialised deposit taking institutions and payment service providers recorded 16,733 fraud cases last year, up from 15,865 in 2023. The total value at risk also increased by 13 percent, climbing from GH¢88 million to nearly GH¢99 million.
Payment service providers remained the biggest target.
The sector alone reported 15,673 electronic fraud cases in 2024, compared with 14,655 the previous year, while the value at risk rose from GH¢16 million to GH¢19 million.
For Mr. Asare, the numbers reflect more than isolated criminal activity. They point to weaknesses in an ecosystem where one vulnerable institution can expose many others.
Connected Systems Need Connected Protection
A mobile money wallet may be linked to a commercial bank account. That same bank could be integrated with several fintech platforms or payment service providers.
The chain is seamless for customers. Fraudsters know that too.
Mr. Asare said protecting only one segment of the financial system leaves the rest exposed.
"The Bankers' Association, for example, was concerned that the banks are more heavily regulated than the fintechs," he noted, before adding that fintech companies often hold the opposite view.
"Interestingly, the fintechs also feel that the banks are less regulated in relation to them. But that is beside the point." - Mr. Asare
Rather than debating who faces tougher regulation, he believes the focus should shift toward collaboration and common security standards across the industry. "If one part of the chain is weak, it affects everybody," he said.
Digital Growth Brings New Risks
Ghana's digital payments industry continues to expand at remarkable speed.
According to the Bank of Ghana, payment service providers processed about 8.1 billion transactions worth GH¢3 trillion in 2024. Transaction volumes increased by 19 percent from the previous year, while the total value surged by 58 percent.
The growth has accelerated financial inclusion and made payments faster and more convenient. It has also created fresh opportunities for criminals.
The central bank has identified mobile money fraud and social engineering attacks among the fastest growing threats confronting the sector.
Mr. Asare said the shift away from cash has fundamentally changed the nature of financial crime.
"We used to have physical fraud, burglary and major robberies because people kept cash in different places. Now, it is becoming digital fraud or digital burglary, or digital armed robbery, let me put it that way." - Mr. Asare
Technology, he observed, has increased not only convenience but also the scale at which fraud can be committed.
"Having a manual approach towards everything limits its scale. But the moment you digitise it, the scale becomes much easier, and it cuts across." - Mr. Asare
For the Bank of Ghana, that changing landscape means fraud prevention can no longer be approached institution by institution.
As digital finance continues to blur traditional boundaries, the central bank believes the industry's next challenge will be building a security framework that is just as connected as the payment systems it is designed to protect.
