Quarterly Fraud Report by the Bank of Ghana indicates that Identity theft is one of the most prevalent fraudulent acts on the market in recent times. Identity theft enables fraudsters to hack into their victim’s emails and confidential details and issue instructions to their banks for money transfers. Head of Conduct Supervision Unit of Bank of Ghana, Augustine Donkor, gave the caution when...
As part of moves to enhance security in the banking sector and reduce cases of fraud, Clari5, a leading global financial fraud management company has over the last two years partnered with CWG Ghana Limited to prevent crimes in the sector. The partnership is coming at a time the Bank of Ghana (BoG) recently announced that GH¢61 million was lost...
The ARB Apex Bank PLC, a mini central bank that offers support services to the rural and community banks in Ghana, has recorded satisfactory growth in almost all the financial indicators in the 2021 year under review. The bank recorded improvements in some of the indicators though other major performance indicators of the bank for the year 2021 declined. Total...
The Pan African Payment and Settlement System (PAPSS) offers an opportunity for countries in the ECOWAS region to expedite the long-awaited goal of a single currency within the West Africa Monetary Zone, Head of Mission, Afrexim Bank, Eric Monchu Intong, has said. Mr. Intong, who was speaking on the theme: ‘Trade Finance and Pan African Payment Systems’ at the UPSA...
Success rate at 10%Analyst warns e-criminals becoming more efficient The total value of attempted fraud initiated against banks, Specialised Deposit-Taking Institutions (SDIs) and electronic money issuers (EMIs) between 2017 and 2021 has approached the GH¢2billion mark; however, the success rate of such attacks is just over 10 percent, analysis by cybersecurity consultancy – e-Crime Bureau – has shown. A perusal of...
Average lending rate of commercial banks shot up by 2.66% between April and June 2022 to 24.27%. This is equivalent to 2% interest rate on loans per month. According to the Summary of Economic and Financial Data by the Bank of Ghana, average cost of borrowing has been going up from 20.1% in January this year to 24.2%. This is as a...
Some financial institutions are still facing serious difficulties five years after the government spent GH¢21 billion in a massive clean-up exercise to restore the industry back on track. This time, the government requires between GH¢7 billion and GH¢8 billion to deal with the latest development which the central bank describes as a headache since last year. This new development reared its...
The Executive Director of Association of Rural Banks, Ghana, Mrs. Comfort Owusu has advised CEOs of rural banks to use their office to massively support small and medium enterprises, particularly in their communities, to reduce poverty and improve the lives of rural folk. She has reminded rural bank CEOs of their organisations’ mandate to be innovative in product development tailored...
The banking sector recorded ¢4.4 billion in profit before tax in first-half of 2022, data from the Bank of Ghana has revealed. This represented 21.6 per cent growth, compared with 32.1 per cent in the previous year. According to the Bank of Ghana, growth in net interest income was slower than the previous. However, net fees and commissions shot up significantly,...
With technology fast evolving, many are those who are using the new way of life to undertake negative and nefarious activities. At the last insurance week celebration, it emerged that the rate at which some individuals are forging documents to make fake claims in the industry is rising. Many insurance companies, in the quest to expedite action on claims made by...
