FIC Raises Alarm Over Rising Use of Mobile Money for Illicit Transactions
The Chief Executive Officer of the Financial Intelligence Centre (FIC), Kwadwo Twum-Boafo, has voiced concern about the increasing use of mobile money platforms to facilitate illegal financial transactions in Ghana’s digital financial space.
According to Mr. Twum-Boafo, recent regulatory tightening within the formal banking sector has significantly limited the ability of individuals to move suspicious funds through traditional banks — prompting a shift towards mobile money and virtual platforms.
“The banks have tightened their regulations. The Fintech and Innovations Department of the Bank of Ghana and the Financial Stability Department are very strict on financial transactions. Indeed, what I know, in Ghana today, you can’t give a third party a cheque of more than GH¢5,000,” he explained.
He noted that foreign currency transfers are also now subject to stricter oversight.
“As we speak, you can’t even transfer foreign currency to an individual without certain checks on the individual. So, they are very strict,” he added.
Mobile Money: A Growing Channel for Illicit Finance
The FIC boss warned that the relative anonymity and virtual nature of mobile money systems make them more attractive to money launderers and illicit networks.
“The platform that most of them use will be the mobile money platform, which is more or less virtual. As for virtual assets, it is more difficult to monitor,” Mr. Twum-Boafo stated during an interview on Sunday, November 9, 2025.
He disclosed that the Centre has the technical capacity to freeze mobile money accounts linked to suspicious activity, but stressed the need for telecommunication companies to strengthen their compliance frameworks in line with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
“We are able to freeze mobile money accounts. They (Telcos) are enjoined to be compliant, but them being fully compliant—that’s another discussion for another day,” he remarked.
Call for Greater Telco Compliance
Mr. Twum-Boafo commended the banking sector for maintaining robust regulatory compliance but described telecom operators as lagging in their AML enforcement.
“I talked about the front-foot approach that we need, and they (Telcos) in particular are not in compliance as much as I would like. The banks are, but Telcos, no,” he said.
The FIC’s latest warning comes amid growing concerns over the use of digital financial channels for fraud, cybercrime, and money laundering, with mobile money transactions in Ghana exceeding GH¢1 trillion annually, according to Bank of Ghana data.
Analysts say enhanced collaboration between the FIC, Bank of Ghana, and telecommunication companies will be critical in tightening digital financial monitoring and safeguarding the integrity of Ghana’s fintech ecosystem.
