Dr. Richmond Atuahene, a Banking Consultant with Salma Partners and Financial Consult Limited, has raised alarm over the erosion of confidence in the financial sector.
His comment follows the Bank of Ghana’s report indicating a 46% increase in bank workers involved in fraud cases.
Speaking on ABC IN THE MORNING on Tuesday, September 17, 2024, Dr. Atuahene highlighted that this surge in fraud not only diminishes trust but could also impact the overall stability of the banking system.
Dr. Atuahene emphasized the critical nature of this issue, stating, “The first thing that is worrying is the loss of confidence level in the industry which can affect the system.”
He warned that such incidents could deter potential customers from engaging with the banking sector, stressing that without mobile networks, many would remain unbanked.
In response to the Bank of Ghana’s recent report, Dr. Atuahene called for immediate action to address and mitigate fraud risks.
He acknowledged that human error is an inherent risk in any institution but urged both the public and banks to enhance their vigilance and security measures.
Dr. Atuahene further advised that individuals should be cautious when selecting banks, emphasizing the importance of security and data protection.
He also urged banks to hire staff with integrity and to provide robust training to reinforce public confidence.
“You must up your game. Quality staff, People with integrity who have been tested and tried in the industry,” he said.
