Mobile Money Fraud Accounts for 20% of Financial Fraud Cases in Ghana

Ghana’s financial sector is under growing pressure from mobile money fraud. According to the Bank of Ghana’s 2023 Financial Stability Review, mobile money fraud made up 20% of all fraud cases in the financial sector (about 2,700 incidents out of 13,451) — a significant share of the total.

Financial Loss & Trends

• Fraud across the sector cost Ghana about GH¢56 million in 2022, up from GH¢33 million in 2021. Over GH¢10 million of that came from mobile money fraud alone.

• Cases of online/fraudulent investments and cyber scams also surged, highlighting how fraudschemes are becoming more diverse and complex.

How It’s Happening

Mobile money services like MTN MoMo, Vodafone Cash, and AirtelTigo are especially targeted. Fraudsters use social engineering, fake messages, and impersonation tactics to trick users into giving up PINs or making fraudulent transfers. Many victims don’t even report because they feel ashamed or expect nothing will be done.

What Ghana Must Do

• Strengthen regulation and oversight for mobile money providers, ensuring faster fraud detection and reimbursement.

• Raise public awareness about common fraud tactics.

• Require stronger authentication (for example, two-factor) and make apps more secure.

• Collaborate with telecoms, banks, regulators, and cybersecurity agencies for coordinated response.

Bottom Line

Mobile money is one of Ghana’s biggest financial inclusion successes—but fraud threatens that success. With 20% of fraud cases tied to mobile wallets, there’s a critical need for stronger safeguards and regulative action.