Cape Verde Banking Fraud Spikes 150% in 2025 | Finance News
Financial sector complaints in Cape Verde climbed to 278 in 2025, fueled by a sharp rise in fraud and banking disputes, according to the latest Behavioral Supervision Report released by the Bank of Cape Verde (BCV) on Monday.
Banking Complaints on the Rise
The banking sector remains the primary source of frustration for Cape Verdean consumers, accounting for 245 cases—roughly 88% of all complaints filed. This marks an 11.87% increase compared to 2024. The insurance sector also saw a significant jump, with complaints rising nearly 27% to a total of 33 cases.
While traditional methods like email and in-person visits remain the most common ways to file a grievance, 62 formal complaints were logged through official complaint books.
Fraud and Online Security Concerns
The most alarming trend highlighted in the report is the 150% surge in fraud cases, which jumped from 10 to 25 instances over the year. Authorities identified several recurring threats, including unauthorized ATM withdrawals, fraudulent online payments, and phishing schemes designed to gain illegal account access. In some instances, fraud was reportedly committed by bank employees themselves.
Standard bank account disputes topped the list of grievances with 61 cases. Consumer credit complaints also spiked by over 90%, while issues related to online banking rose by 60%.
Geographic Distribution and Institutional Performance
Geographically, the island of Santiago dominated the statistics, accounting for 71.4% of all complaints. Sal followed at 8.9%, while São Vicente represented 5.8%. Members of the Cape Verdean diaspora were responsible for 4.3% of the filings.
Among financial institutions, Banco Comercial do Atlântico (BCA) saw the highest volume of grievances, representing 49% of cases within the BCV’s jurisdiction. Banco Interatlântico (BI) followed with 19%, and Caixa Económica de Cabo Verde accounted for 16%.
Millions Refunded to Consumers
The BCV’s regulatory oversight led to significant financial recovery for affected customers. A total of 3.15 million escudos (approximately €28,600) was refunded during the year. The vast majority of these funds—3.14 million escudos—originated from banking institutions, with BCA responsible for the largest share of repayments, totaling more than 2 million escudos (€18,500).
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