The Bank of Ghana has disclosed its plans to initiate new measures to check financial fraud in the country.
It made this known on the backdrop of the publication of the 2016 payment system overview by the Bog.
According to the report, Ghana recorded about 1000 cases of payment fraud during the period cumulatively costing the country nearly Ghc245 million.
The new system will include a unified database for all registered users of the various mobile payment platforms in the country, hence providing a simplified means of tracking all transactions and identifying the fraudulent ones regardless of the location in Ghana.
Some private stakeholders in the country’s financial sector have deemed the move as timely, citing the somewhat rampant cases financial fraud as a national menace long due for redress.
Recently, an Abdul Rahman was convicted by a court over a payment fraud that involved about Ghc 287,000 and alongside a ten year imprisonment with hard labour, ordered the culprit to refund a total of Ghc 277, 000 to Stan Chart Bank Ghana.