The Bank of Ghana (BoG) is preparing measures to strengthen transaction verification across banks as it moves to tackle a growing shift in fraud toward electronic payment channels.
Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said the central bank is increasingly concerned about fraudsters exploiting digital payment systems and plans to work with financial institutions to tighten security measures.
Speaking at the 131st Monetary Policy Committee press briefing on Wednesday, July 22, 2026, Dr Asiama said the recent fraud report issued by the Bank had revealed a concerning shift from traditional forms of fraud to electronic payments.
He said the central bank is collaborating with the Chartered Institute of Bankers and the Ghana Association of Banks to train bank staff and strengthen the human element of fraud prevention.
According to him, technology will also play a critical role in preventing fraudulent transactions, particularly by improving the verification of customers and transactions.
Dr Asiama cited the use of biometric verification at Automated Teller Machines (ATMs) as one of the measures that could help reduce fraud.
He explained that biometric authentication, such as fingerprint verification, could help ensure that a person using a bank card is its legitimate owner and not someone who has obtained the card unlawfully.
“We are going to be taking the issue of verification of transactions very seriously,” the Governor said, stressing that stronger verification could go a long way towards reducing fraud across the banking industry.
The planned measures come as Ghana’s financial sector continues to expand its use of digital and electronic payment systems, creating new opportunities for customers while also exposing the system to emerging forms of fraud.
The Bank of Ghana has therefore signalled that financial institutions will need to strengthen both staff capacity and technological safeguards to stay ahead of increasingly sophisticated fraudulent activities.
Dr Asiama further urged the public to exercise caution when using emerging technologies and financial platforms, warning that fraudsters continue to exploit new digital opportunities.
He said the responsibility for combating financial fraud does not rest solely with regulators and banks, but also requires individuals to remain vigilant when conducting electronic transactions.
Ghana|Atinkaonline.com|Mavis Fantevi