He wants Parliament and the Bank of Ghana to pass new laws that would make banks and mobile money operators liable for refunding money lost to fraud—especially when institutional failures are to blame.

“In cases where people are defrauded due to weaknesses in a bank’s system, the bank should take full responsibility and refund the customer,” he argued. “Anything less is a breach of trust.”

Sani’s appeal comes amid rising cases of unauthorised withdrawals, identity theft, and internal collusion within the financial sector. He criticised the frequent blame-shifting onto customers and the lack of guaranteed compensation for victims.

He pointed to international practices in countries like the UK and China, where banks are required to reimburse fraud victims unless gross negligence is proven. “Banks in those countries understand the trust placed in them, so they take security seriously. Ghanaian banks need to do the same, and our regulators must enforce it,” he said.

As part of the solution, Sani is proposing the creation of a national fraud reimbursement fund, jointly financed by financial institutions and regulated by the state. He also wants to see an independent consumer protection office with the power to intervene in unresolved fraud cases.

According to him, legislation modelled after the UK’s Financial Services Compensation Scheme (FSCS) and the Contingent Reimbursement Model Code would provide a much-needed layer of accountability in Ghana’s banking sector.

“Banking is a social contract,” he said. “If you can’t protect my money—or refund it when you fail—then you’ve broken that trust. It’s time to raise the bar.”