Bank of Ghana Urges Stronger Cybersecurity Collaboration to Protect Financial Inclusion

The Bank of Ghana (BoG) is calling for enhanced cybersecurity measures across Africa’s financial sector, emphasizing the urgent need for regional integration and cooperation to combat growing digital threats. The central bank raised concerns that rising cybersecurity risks are undermining efforts to expand financial inclusion, particularly for the most vulnerable populations.

Speaking at the 14th Annual Roundtable of the African Financial Inclusion Policy Initiative (AfPI) held on June 20, 2025, Dr. Zakari Mumuni, the First Deputy Governor of BoG, stressed that cybersecurity threats transcend national borders. He advocated for collaborative regional mechanisms, such as peer learning, harmonized supervision, and shared threat intelligence, to effectively respond to the evolving digital landscape.

Dr. Mumuni also urged African countries to invest in early warning systems, cross-border incident reporting frameworks, and tailored regulations for financial technology companies and e-money providers. These measures, he stated, would ensure the sector is adequately prepared for cyber incidents and better equipped to secure financial transactions.

The Executive Director of the Alliance for Financial Inclusion (AFI), Dr. Alfred Hannig, added that cyber resilience is especially critical in protecting low-income individuals who are at higher risk of losing their savings due to security breaches. He noted that while digital financial services present opportunities, they must be developed and deployed responsibly to avoid doing harm.

The AfPI roundtable gathered major stakeholders from the financial sector across Africa, uniting their focus on balancing financial innovation with robust cybersecurity protocols. The meeting highlighted the growing recognition that strong digital infrastructure and cross-border cooperation are central to securing financial inclusion on the continent.

Source: Citi newsroom