Fraud could erode Ghana’s financial inclusion gains if trust is lost – Digital Finance Practitioner warns

Ghana's strides in financial inclusion may be at risk due to fraud, warns William Nana Danso Abeam, Country Head of Consumer and Commercial Banking Products at Ecobank Group Plc. In a recent Joy Business Masterclass, Abeam cautioned that trust is the bedrock of digital financial services and crucial for expanding access to banking and other financial products.

The discussion, part of a month-long exploration of financial inclusion, highlighted fraud as a major obstacle in the digital age. Abeam emphasized that the increasing sophistication of fraudsters and the rising number of attacks threaten public confidence in digital platforms, making trust management a top priority. He stressed that everyone, from consumers to banks, fintechs, mobile money network operators, telcos, and the government, must play a role in addressing fraud.

Abeam pointed out that fraud has evolved from affecting only mobile money services to targeting banks, investment companies, and insurance firms, making it a threat to the entire financial ecosystem. He also warned that fraudsters have become more sophisticated, making it harder for individuals to spot fraudulent attempts. Social engineering, such as phone calls to extract personal information, remains a common tactic.

Abeam called for collaboration among all stakeholders to combat financial crime and preserve public trust in digital financial platforms. He stressed that protecting trust is a shared national responsibility and that failing to tackle fraud effectively could undermine Ghana's financial inclusion agenda and hinder the country's transition to a more digitally connected financial system.