UK-based Ghanaian real estate and agriculture mogul, Lord Ibrahim Sani

UK-based Ghanaian real estate and agriculture mogul, Lord Ibrahim Sani, is calling for sweeping reforms in Ghana’s financial sector, urging banks and mobile money operators to adopt a more consumer-protective stance by refunding clients who fall victim to fraud.

In an exclusive interview with the media, Lord Sani did not mince words as he addressed the recent wave of financial fraud incidents plaguing several commercial banks and mobile money operators across Ghana.

According to him, the onus should not be on the customer to bear the burden of losses resulting from sophisticated banking fraud, especially when such breaches are often due to systemic weaknesses within the institutions themselves.

“If someone gets defrauded due to gaps in a bank’s system, the bank should take full responsibility and refund the customer. That’s what happens in the UK, and Ghanaian lives are no less valuable,” he stated.

Ghana’s banking sector has recently come under intense public scrutiny following a series of fraudulent withdrawals, internal collusion scandals, and identity theft schemes that have led to thousands of cedis disappearing from unsuspecting customers’ accounts.

In several cases, clients have reported unauthorised transactions, only to be told by their banks that "investigations are ongoing", with no timelines or guarantees of reimbursement. Many never see their money again.

Lord Sani believes this pattern reflects a dangerous culture of non-accountability and consumer neglect, worsened by poor regulatory enforcement and weak digital security infrastructure.

“In the western world and even China, if you’re defrauded, the bank takes immediate steps, from freezing the account, conducting forensic checks, and most importantly, compensating the victim,” he said. “Why can’t we replicate that here?”

Western worlds under the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), banks are expected to reimburse customers defrauded by authorised push payment (APP) scams, provided the customers did not act with gross negligence. This policy has been credited with drastically reducing the rate of consumer losses and pushing financial institutions to invest more in fraud prevention.

“Banks in the Western world and even China understand the weight of trust placed on them. That’s why they take security seriously,” Lord Sani noted. “Ghanaian banks need to do the same, and our regulators must enforce it.”

He urged the Bank of Ghana and the Ghana Association of Banks to implement a mandatory reimbursement policy for verified fraud cases, backed by an independent consumer protection office. He also recommended the establishment of a national fraud reimbursement fund, jointly financed by banks and regulated by the state.

“Trust is the foundation of banking. If banks lose it, the entire financial system risks collapsing,” he said.

He has proposed that Parliament and the Bank of Ghana work together to introduce new laws, citing the UK’s Financial Services Compensation Scheme (FSCS) and Contingent Reimbursement Model Code as examples.

“We need a framework where the burden of proof is not unfairly placed on customers. Ghanaian banks make billions; they can insure and refund. Anything less is unacceptable,” he emphasised.

He added that trust in the banking system is at a tipping point. “If institutions fail to protect the people who entrust them with their money, confidence in the entire financial system will erode. Banking is a social contract. If you can’t protect my money or refund it when you fail, then you have broken that trust. It’s time we raise the bar.”