BoG Deputy Warns of Digital Fraud, Urges United Action
The Bank of Ghana (BoG) has sounded a strong alarm over the increasing number of unlicensed digital financial entities operating in the country. Second Deputy Governor Matilda Asante has called for a unified front, emphasizing that safeguarding the financial system is now a “shared responsibility.”
Ms. Asante issued this urgent plea during the COCLAB Technical Committee Workshop held in Accra. The workshop brought together key stakeholders from the banking sector, regulatory bodies, and security agencies.
Addressing the forum, the Deputy Governor highlighted a concerning contrast: Ghana’s economy and financial sector are showing “encouraging gains,” yet remain susceptible to sophisticated fraudulent schemes online. “Unlicensed financial entities continue to exploit digital platforms, mislead consumers, and threaten confidence in the financial system,” Asante stated in a Facebook post following the workshop. “These activities demand a coordinated response.”
She advocated for a heightened level of collaboration, stressing the importance of “stronger collaboration, shared intelligence, and joint enforcement actions among all stakeholders.” Ms. Asante argued that efforts must move “beyond policy discussions” and translate into tangible, synchronized operations.
The COCLAB workshop, an initiative by the Collaboration between Law Enforcement and Banking Community, serves as a platform to tackle these complex financial crimes. While commending COCLAB for fostering dialogue, Asante underscored the need to formalize and institutionalize this cooperation.
“I applaud COCLAB for creating a platform that brings institutions together to address these emerging risks and look forward to stronger, more structured cooperation going forward,” she noted.
The BoG’s concerns reflect a growing wave of “fintech” fraudsters and illegal investment schemes that are actively targeting Ghanaians through social media and digital advertising. These entities operate outside the regulatory oversight of the BoG and the Securities and Exchange Commission (SEC), often luring individuals with promises of unrealistic returns, ultimately leading to financial losses and diminished trust in legitimate financial institutions.
The call for “shared intelligence” suggests a potential system for real-time information exchange between commercial banks, the central bank, and law enforcement agencies such as the Economic and Organised Crime Office (EOCO) and the Ghana Police Service. This would enable quicker identification, tracking, and dismantling of these fraudulent networks.
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