The Bank of Ghana (BoG) has disclosed that reported fraud cases in Ghana's digital financial services sector increased by 48 per cent in 2025, underscoring the growing risks associated with the rapid expansion of digital finance.

Speaking on behalf of the Governor of the Bank of Ghana at the maiden Ecobank–JoyNews Business Financial Dialogue held on Tuesday, July 28, at the Ecobank Auditorium in Accra, Mr Owureku Asare, Head of the Fintech and Innovation Department at BoG, said while Ghana's digital financial ecosystem continues to expand, preserving public trust remains the central bank's top priority.

He explained that confidence in digital financial services has been sustained because every transaction is backed by the assurance that customers' funds are fully protected and redeemable on demand, with the Bank of Ghana ensuring this through effective regulation and supervision.

However, he cautioned that the rapid growth of digital finance has brought new and evolving risks.

"Growth also brings new risks. Reported fraud cases rose by 48 per cent in 2025, concentrated in payment services," he stated.

According to Mr Asare, the increase in fraud has reinforced the Bank of Ghana's resolve to strengthen supervision of digital financial services to protect consumers and maintain confidence in the financial system.

He said the central bank is tightening licensing requirements for digital financial service providers while enhancing consumer protection measures across the industry.

In addition, he revealed that the Bank of Ghana is working with other financial sector regulators to establish a common early warning system aimed at strengthening cyber resilience and improving the sector's ability to detect and respond to emerging threats.

Mr Asare stressed that the central bank would continue to take decisive enforcement action against institutions that fail to meet the standards required to safeguard customers and uphold the integrity of Ghana's financial system.

"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," he said.

He further emphasised that technological innovation must never undermine public confidence in digital financial services.

"Innovation must never come at the expense of trust," he noted.

Mr Asare also highlighted the need to deepen digital financial literacy, arguing that expanding access to digital financial services without equipping users with the knowledge to use them safely does not amount to true financial inclusion.

He called on banks, fintech companies and other financial service providers to take greater responsibility for educating customers about financial products and the risks associated with using digital platforms.