Head of Fintech and Innovation Department at the Bank of Ghana, speaking on digital fraud risks and regulatory coordination in Ghana's digital financial sector.
The Head of the Fintech and Innovation Department at the Bank of Ghana, Elhanan Owureku Asare, says Ghana’s digital economy is not facing a trust crisis, but cautioned that failure to address rising fraud could erode public confidence in digital financial services. …
… The concern mirrors an earlier warning by the Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, who said technology can protect systems from hacking, but users can still be manipulated into surrendering the very authentication details meant to protect th …
The Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says it is difficult to conclude that existing punishments for digital financial fraud are enough to deter offenders. …
… Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says Ghana has made strong progress in financial inclusion, but must now focus on financial health. …
… But the Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says the dispute should not distract from the bigger risk: fraud can move across the entire financial system. …
The Head of Fintech and Innovation at the Bank of Ghana (BoG), Elhanan Owureku Asare, has warned that rising digital fraud could weaken public confidence in Ghana’s push towards a cash-lite economy. …
The Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, is calling for a coordinated industry-wide system to combat fraud across banks, mobile money operators, fintech companies and non-bank financial institutions. …
The Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says technology alone cannot stop digital fraud if customers are tricked into giving away their passwords and PINs. …
The Head of the Fintech and Innovation Department at the Bank of Ghana says the country does not currently face a trust crisis in its digital economy, but cautioned that rising fraud could erode public confidence if not addressed. He noted that while fraud figures appear concerning, the proportion of fraudulent transactions remains relatively small compared to the overall volume of digital transactions since mobile money's introduction.
The Head of the Fintech and Innovation Department at the Bank of Ghana says the country does not currently face a trust crisis in its digital economy, but cautioned that rising fraud could erode public confidence if not addressed. He noted that while fraud figures appear concerning, the proportion of fraudulent transactions remains relatively small compared to the overall volume of digital transactions since mobile money's introduction.
Ghana's maiden Digital Economy Forum airs tonight at 8 p.m. on JoyNews and Joy FM, bringing together policymakers, regulators, financial institutions, and academics to discuss digital fraud's impact on consumer confidence and business growth.
Ghana Association of Banks CEO John Awuah says technology alone cannot protect digital finance users who expose passwords, PINs, cards and account details to fraudsters; he emphasizes that while banks invest heavily in cybersecurity and comply with strict security standards, users themselves remain critical to the security chain.
The Head of Fintech and Innovation at the Bank of Ghana says existing punishments for digital financial fraud may not adequately deter fraudsters, who weigh the risk of detection before targeting victims through mobile money and banking apps.
The Bank of Ghana's fintech head says the country should move beyond basic money transfers to use mobile-money transaction histories to help informal workers and small traders access credit and insurance. He argues that platforms like MTN Mobile Money and Telecel Cash should become pathways for ordinary consumers to obtain financial services traditionally tied to bank accounts.
Banks and fintech companies disagree over who faces heavier regulation in Ghana's digital financial sector, with each claiming the other operates under lighter supervision. The Bank of Ghana's Head of Fintech and Innovation says the real concern is that fraud can spread across the entire financial system if any part is weakly regulated.
The Bank of Ghana's Head of Fintech and Innovation warned that increasing fraud cases could erode public trust in digital financial services and reverse progress towards a cash-lite economy. He noted that 16,733 fraud cases were recorded across banks and payment service providers in 2024, up from 15,865 in 2023.
The Bank of Ghana's Head of Fintech and Innovation is calling for a coordinated, industry-wide system to combat fraud across banks, mobile money operators, and fintech companies, arguing that separate systems are inadequate in an interconnected ecosystem. Ghana's digital financial sector recorded 16,733 fraud cases in 2024, up from 15,865 in 2023, with payment service providers accounting for the majority.
The Head of Fintech and Innovation at the Bank of Ghana says financial institutions can invest in secure applications and cybersecurity systems, but fraudsters often bypass those protections by tricking customers into surrendering their passwords, PINs, and OTPs through social engineering tactics.
Ghana has launched the Digital Economy Forum, a national platform bringing together policymakers, regulators, business leaders, academics, and others to examine technologies, policies and ideas shaping the country's digital future. Each edition will combine documentary investigation with televised dialogue to address pressing issues in digital commerce, financial services, cybersecurity, and other areas.