The Bank of Ghana (BoG) has integrated more than 40 financial institutions into its Financial Industry Security Operations Centre (FINSOC), enhancing real-time detection and response to cybersecurity threats.
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This move addresses rising concerns over cyber risks brought on by rapid digital and financial innovation across Africa. Speaking at the 14th Alliance for Financial Inclusion (AFI) Leaders’ Roundtable on June 20 in Accra, First Deputy Governor Dr. Mumuni Zakari emphasized the urgency of defending financial systems against increasing threats.
“In 2018, we were among the first to issue comprehensive Cyber and Information Security Directives across the continent,” Dr. Zakari said. “These measures required financial institutions to adopt risk-based cybersecurity frameworks, incident response strategies, and regulatory reporting protocols.”
Dr. Zakari noted that digital services like mobile money and agency banking have expanded financial access but also exposed systems to more sophisticated cybercrime.
“Cybersecurity is now a strategic pillar of financial governance,” he said. “In 2022 alone, Ghana recorded over 21,000 cyber fraud attempts, most targeting digital financial platforms.”
To address this, the BoG conducts yearly cybersecurity assessments using global standards such as NIST and COBIT-5. In 2024, over 40% of reviewed institutions had critical vulnerabilities, particularly in access control and incident response. BoG is now applying targeted interventions to close those gaps.
Collaboration, Dr. Zakari added, is key. The BoG works closely with partners like the Ghana Cyber Security Authority, World Bank, INTERPOL, and the Africa Cybersecurity Resource Centre to strengthen national and continental cyber defenses.
