As we embrace promise of digital inclusion, we must also confront the risks – 1st Deputy Governor

First Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, has highlighted the evolving threats facing Ghana’s financial sector.

He touched on cybersecurity breaches, money laundering, and terrorist financing as some of the threats.

Dr Mumuni stated that it is for this reason that the Financial Industry Command Security Operations Centre (FICSOC) was established as a pivotal institution to engage industry players and safeguard the financial infrastructure.

Speaking at a Stakeholder Engagement, Financial Industry Command Security Operations Centre (FICSOC), at the Bank Square in Accra on Wednesday, May 7, he said that the digital revolution has transformed the financial system, opening pathways to innovation— but also to vulnerability.

In 2023, he recounted, global financial cyberattacks surged by 38%, while annual money laundering flows exceeded $2 trillion. Ghana has not been spared.

In 2024, cyber and technology-related fraud losses reached almost 10 million Ghana cedis, up from 8.9 million Ghana cedis the previous year, according to the Bank of Ghana’s 2024 Fraud Report.

Today, he said, “we are at a pivotal moment in the evolution of financial services.”

As technology advances and the economies become more interconnected, he said, deeper integration within the financial industry is no longer a luxury – it is an imperative.

“Connecting platforms and systems across institutions is key to delivering seamless services to our clients. More importantly, it is a tool to reach millions of unbanked individuals across Ghana who deserve the opportunity to participate in and benefit from the formal financial system,” he said.

He added “Yet, as we embrace the promise of digital inclusion, we must also confront the risks it brings — particularly in the realm of cybersecurity. Every new doorway to financial empowerment can also become an entry point for malicious actors. Cyber risks are unlike any other.

“They are stealthy, adaptive, and borderless. A single weakness in one institution can cascade into systemic threats — amplified by the very interconnectedness we rely upon for efficiency and scale. A breach in one part of our financial ecosystem could compromise operations, security, and the privacy of stakeholders across multiple institutions — regulators, partners, vendors, and customers alike.”

Dr Mumuni further stated that this is why collaboration is not optional. No single institution, no matter how large or well-resourced, can face these threats alone.

“We must share intelligence, align standards, and develop resilient systems to protect the integrity of our industry and the trust of those we serve. The Bank of Ghana has long recognized this imperative. Over the years, the Bank has made significant investments in cybersecurity — not simply for compliance, but to build a foundation of trust and resilience for collective progress,” he said.

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