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A Literature Review of Fraud Risk Management in Micro Finance Institutions in Ghana

Due to the recent financial crisis, micro finance institutions cannot afford to be indifferent to fraud risk management practices in the battle for survival, financial sustainability and self-sufficiency. Micro finance institutions serve some of the world’s most financially challenged population who otherwise would not have access to financial services. This paper is a theoretical study on effective fraud risk management in micro finance institutions in Ghana. The study adopts exploratory approach by reviewing and analyzing the views of scholars and practitioners in the area of fraud risk management. The research revealed that corrupt board of directors, senior management and employees, weak systems of internal control, policies and procedures, weak regulatory institutions, greed on the part of culprits, inadequate staffing, inadequate training and retraining, ineffective internal and external audit functions and a macro-economic environment that eulogises wealth irrespective of how it is made constitute aids to fraud in micro finance institutions in Ghana. The researchers recommend that micro finance institutions and Bank of Ghana must ensure the creation of a culture of transparency and integrity among staff members and clients; and educate clients on their rights and ensure there is a mechanism for whistle-blowing.