In Ghana, a significant shift in fraud cases has been observed, with payment service providers experiencing a near doubling of cases between 2022 and 2025. According to Matilda Asante Asiedu, Second Deputy Governor of the Bank of Ghana, this trend highlights the need for a change in strategy and perspective to protect customers. The issue has sparked a debate on the best approach to mitigate fraud.
Interestingly, while fraud cases among payment service providers surged, the number of cases reported by banks decreased by 34% from 716 in 2024 to 472 in 2025. Specialized deposit-taking institutions also saw a significant decline, with cases dropping from 344 to 182, representing a 47% decrease. This shift suggests that fraudsters are targeting institutions with weaker defenses.
The Bank of Ghana attributes the concentration of fraud cases in payment service providers partly to lower digital literacy among users. However, experts argue that this explanation is insufficient, as the same users are served by institutions that are exposed to the same scam contacts and use the same phones. The institutions have simply filled in the voids, and the figures have followed.
The current regulations place the responsibility for losses on consumers, while providers are only liable for complaints. Experts argue that this arrangement is flawed and leads to the concentration of fraud cases in certain institutions. By adjusting the location of the loss, the design problem can be resolved. A case in point is Britain, which introduced a new regulation in October 2024, requiring providers to reimburse victims of authorized push-payment fraud up to £85,000 within five working days.
Ghana can draw lessons from the British experience and create its own tailored solution. A reimbursement cap of GH¢20,000 could be set, which would cover the vast majority of cases. The average cost of each of the 24,778 incidents is approximately GH¢4,000. Exceptions could be established for customers who disregard explicit warnings. The rule could be phased in over 18 months to allow fintechs to prepare.
Experts propose three practical fixes that do not require regulation. Firstly, verifying the actual identity associated with the recipient's account before payment can eliminate most impersonation schemes. Secondly, an emergency block can secure a wallet within 90 seconds, mitigating the 118% increase in fraudulent withdrawals. Thirdly, a shared mule-account registry can prevent a single compromised number from traveling through the ecosystem.
Ghana risks sliding back into the FATF grey list if it does not take action. The less expensive version of the discussion starts with a single principle: the institution that holds the funds is responsible for any losses. By giving providers a bill, they will be incentivized to fix their systems. The goal is to render fraud cases expensive for providers, which will prompt them to take proactive measures to prevent them.
Key points
- Experts urge Ghana to change who owns the loss in fraud cases to protect customers.
- The current regulations place the responsibility for losses on consumers, while providers are only liable for complaints.
- Ghana can draw lessons from the British experience and create its own tailored solution to mitigate fraud.
