BoG tightens scrutiny of fraud, fintech and AI use in banking sector

The Bank of Ghana (BoG) is stepping up regulatory scrutiny of fraud, cybersecurity, fintech operations and the use of artificial intelligence as digitalisation continues to transform Ghana’s financial sector.

Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, said the central bank had received concerns from the Ghana Association of Banks about the different ways fraud functions are positioned within banks.

Speaking at a post-Monetary Policy Committee engagement with heads of banks in Accra on Tuesday, October 6, 2026, Dr. Asiama described fraud as a major risk requiring stronger institutional controls.

“Fraud is a significant risk that requires our serious attention,” he said.

The Governor urged banks to strengthen their fraud-risk management systems through effective policies and controls capable of preventing, detecting and deterring fraudulent activities.

He said the fraud function must also be positioned in a way that allows it to operate independently and effectively within financial institutions.

“The fraud function should be appropriately positioned, with direct and unrestricted access to the Managing Director or Chief Executive Officer, to ensure its independence and effectiveness,” Dr. Asiama said.

He further stressed the need for banks to ensure that staff responsible for fraud management have the appropriate expertise to perform their duties.

“Banks should also ensure that personnel responsible for this function have the requisite skills, professional certifications and technical competence,” he said.

Beyond fraud, the central bank is increasing its focus on risks emerging from digitalisation, including cybersecurity, technology and fintech operations.

Dr. Asiama acknowledged the benefits of digital transformation but warned that the expansion of digital financial services has also created new vulnerabilities.

“Digitalisation has brought significant benefits to the financial sector, but it has also increased operational and cyber risks,” he said.

He said the BoG was working with the banking industry on the implementation of the Cyber and Information Security Directive.

The central bank will also continue strengthening its supervisory expectations regarding technology, the safeguarding of customer funds and risks associated with third-party service providers.

The BoG is also developing additional guidance for the fintech sector, particularly on the governance and operational independence of regulated payment service providers operating within group structures.

Dr. Asiama said the central bank was also working on guidance concerning the responsible use of artificial intelligence in the financial sector.

“In the fintech space, we are also developing further guidance on the governance and operational independence of regulated payment service providers within group structures, as well as on the responsible use of artificial intelligence in the financial sector,” he said.

The Governor added that the BoG would continue efforts to address illegal digital credit providers while working with relevant stakeholders to protect consumers and maintain confidence in Ghana’s digital financial ecosystem.

“We will continue our efforts to address illegal digital credit providers and strengthen collaboration with relevant stakeholders to protect consumers and preserve confidence in the digital financial ecosystem,” Dr. Asiama said.

The central bank is also paying attention to the rapid growth of mobile money and digital payments.

Dr. Asiama said the BoG would engage the industry on measures to strengthen the sustainability and resilience of the digital payments ecosystem, including reviewing the effectiveness of partnerships, safeguards and risk-management arrangements.

The measures form part of a wider regulatory and supervisory agenda by the Bank of Ghana aimed at strengthening the resilience of the financial sector as banks and other financial institutions increasingly adopt digital technologies.

The Governor said the various initiatives are intended to strengthen regulation, provide greater clarity and ensure that innovation and financial-sector development are supported by strong governance and prudent risk management.