BoG warns cybersecurity threats could undermine digital finance growth

By Hubeyidatu Mumuni

The Bank of Ghana (BoG) has warned that cybersecurity has become a major constraint to the expansion of Ghana’s digital financial system, stressing the need for stronger protection across financial institutions.

Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, said the rapid growth and interconnectedness of Ghana’s digital payment ecosystem had also increased its exposure to cyber threats.

Speaking at the Distinguished Digital Finance Lecture, Asante-Asiedu said the same interoperability that has made Ghana’s financial system more inclusive could also make it an attractive target for cyberattacks.

“The very interoperability that makes our system inclusive also makes it a single, attractive target,” she said.

She said the Bank of Ghana’s Cyber and Information Security Directive 2026 (CISD 2026) was a response to the changing cybersecurity environment, but cautioned that its effectiveness would depend on the ability of all institutions to implement the requirements.

Asante-Asiedu noted that some smaller last-mile financial service providers did not have the resources available to larger Tier 1 banks, creating potential vulnerabilities within the wider financial system.

“Scale that is not secure is not scale; it is exposure,” she said.

She said the Bank of Ghana would extend resources supporting CISD 2026 to ensure that cyber resilience becomes a baseline requirement across the financial system, including smaller Community Banks.