Fintech Sector Steps Up Cybersecurity Efforts Amid Rising Fraud Cases
Ghana’s fintech sector is ramping up efforts to tackle cyber threats as digital financial services expand rapidly. Industry leaders are mobilizing resources to address cybersecurity risks that threaten trust and stability in the financial ecosystem.
Martin Awagah, President of the Ghana FinTech and Payments Association, in collaboration with Village Minds Production, has launched a national fundraising campaign to raise awareness of cyber fraud, data privacy, and digital financial literacy.
Running from March 1 to June 1, 2025, the initiative aims to equip businesses, students, and SMEs with the tools to navigate an increasingly complex digital landscape.
Rising Cyber Threats
Data from the Bank of Ghana’s 2023 Fraud Report paints a concerning picture. Fraud cases in the banking and payments sector rose by 5% year-on-year, reaching 15,865 incidents in 2023, with financial losses climbing to GH¢88 million.
Meanwhile, the Cyber Security Authority (CSA) reports a surge in online blackmail cases, with 85 incidents recorded in the first two months of 2024 alone—an increase of 254% compared to the previous year.
Online investment fraud is also on the rise. Between January and August 2024, 149 cases were reported, with losses totaling GH¢1.99 million, up from just GH¢421,621 in 2023.
Other prevalent cyber threats include e-money fraud, phishing attacks, ATM and card fraud, and SIM swap scams.
Industry Leaders Mobilize Support
The fundraising initiative has already secured backing from key industry players. Joe Jackson, CEO of Dalex Finance, has committed $10,000 to the campaign, setting a precedent for corporate contributions.
Organizers are calling on fintech firms, banks, and government agencies to support the initiative in a bid to fortify Ghana’s financial sector against cyber risks.
