Indicators of financial fraud in the Ghanaian mobile payment industry in the pre-pandemic period

Abstract

This study seeks to investigate recent rampant financial frauds and their impact on the financial performance of the four mobile payment companies in Ghana. The study used secondary data obtained from the consolidated financial statements for the past 10 years (2010-2019) of the mobile payment companies’ operations around the world. The sample consists of the subsidiaries of the four companies whose consolidated financial information is available for public use. Methodologically, factor analysis, pair sample t-test, and principal component analysis were exploited in the analyses to estimate and predict the relationship between fraud and its impact on financial performance indicators. The combined results offer theoretical contributions in the area of the adoption of multiple fraud theories within the framework of the neoclassical growth model. The application of the outcome to practice is the use of the result for predictability and financial sustainability of the mobile companies over future periods.

Keywords: Consolidated financial statements, financial fraud, global, mobile payment, return on equity