BoG Strengthens Cybersecurity Measures Amid Growing Digital Financial Risks

The Bank of Ghana (BoG) is stepping up efforts to secure the country’s financial sector against rising cyber threats, driven by the growing integration of technology in financial services. According to the First Deputy Governor, Dr. Zakari Mumuni, the central bank has been proactive in implementing robust cybersecurity measures to safeguard the financial ecosystem.

Dr. Mumuni highlighted that the BoG was among the pioneers on the continent to issue a comprehensive Cyber and Information Security Directive in 2018. This regulation requires financial institutions to adopt risk-based cybersecurity frameworks, establish incident response procedures, and meet specific regulatory reporting standards.

As of today, more than 40 financial institutions are connected to the Bank’s Financial Industry Security Operations Centre (FINSOC), which facilitates real-time monitoring and response to cyber threats. “Each year, we assess the cybersecurity maturity of institutions using internationally recognised standards such as NIST and COBIT-5,” he stated.

The 2024 assessments revealed significant security weaknesses in over 40% of institutions, particularly in areas like access control and incident response. Dr. Mumuni assured that the Bank is responding with targeted interventions to address these vulnerabilities.

He stressed the importance of collaboration, noting that BoG works closely with national and international partners, including Ghana’s Cyber Security Authority, the World Bank, INTERPOL, and the Africa Cybersecurity Resource Centre, to enhance collective expertise and coordinate sector-wide responses.

Central to these efforts, Dr. Mumuni said, is the protection of consumers. With mobile money accounts in Ghana surpassing 70 million, many individuals—especially first-time users—are being drawn into the formal financial system. This surge has brought challenges, including increased reports of failed transactions, fraud, and service disruptions.

In response, the BoG has taken a multifaceted approach to consumer protection. Measures include enhanced complaint resolution mechanisms, improved disclosure requirements, and expanded financial literacy initiatives. Special attention is being given to educating women, young people, and underserved populations. The Bank is also partnering with schools, religious organisations, and civil society groups to raise digital safety awareness at the grassroots level.

“Inclusion must be grounded in trust—trust in systems, trust in providers, and trust that complaints will be resolved promptly and fairly,” Dr. Mumuni emphasized.