Cyber threats must not derail Ghana’s digital finance gains – BoG

The First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, has cautioned that rising cybersecurity threats must not undermine the country’s progress in digital financial transformation.

Addressing stakeholders at the opening of the National Payment Systems Workshop in Accra, Dr. Mumuni said the rapid growth of Ghana’s digital finance ecosystem had been accompanied by an alarming surge in online fraud and security breaches.

He urged regulators, innovators, and financial service providers to close ranks in safeguarding the integrity of the system.

“We have observed a surge in cybersecurity threats and online fraud as the adoption of digital financial services accelerates,” he noted. “We must not allow these risks, though formidable, to erode the considerable progress we have made.”

Dr. Mumuni emphasised that Ghana’s achievements over the past five years under the National Payment Systems Strategy (2019–2024) had positioned the country as a leader in digital payments in Africa.

He cited the expansion of digital channels, improved interoperability, and strengthened regulatory oversight as key milestones.

“These collective efforts have enhanced access, empowered consumers, and fostered trust and innovation in our financial ecosystem,” he said. “But our journey is far from complete.”

The Deputy Governor said the new draft National Payment Systems Strategy (2025–2029) seeks to consolidate these gains while addressing new challenges posed by emerging technologies such as tokenisation and virtual assets.

“The transition to the new strategy represents not just continuity, but transformation,” he said. “It is an opportunity to reimagine our payment systems for the next phase of Ghana’s digital economy, one that is more resilient, inclusive, and globally competitive.”

Dr. Mumuni also underscored the importance of promoting open banking, digital identity frameworks, and interoperability to enhance participation and financial inclusion.

“Initiatives such as electronic Know Your Customer (eKYC) systems and trusted digital identities have made it easier for non-bank entities to participate in the ecosystem,” he explained.

He praised the Bank of Ghana’s internal team and sector partners for their role in developing the new draft strategy.

“Together, we possess the capability and resilience to safeguard trust and integrity within the digital financial ecosystem,” he affirmed.

He further urged participants to “share insights with candour, challenge assumptions constructively, and propose forward-looking ideas” that strengthen Ghana’s digital finance future.