In response to growing losses from cyber fraud, BoG looks for cooperative solutions.

In order to assist create a robust financial ecosystem that can fend against an increase in cyberattacks, Dr. Zakari Mumuni, the first Deputy Governor of the Bank of Ghana (BoG), has urged for more cooperation between regulated financial institutions and technological service providers.

According to Dr. Mumuni, the partnership ought to come before the establishment of a strong framework in which financial institutions, authorities, and technology suppliers pledge to create a more secure and inclusive financial system.

In order to collectively assure a stronger future, he said, a united ecosystem was required, where the resilience of every institution was integrated and no one was left behind.

Following the recent surge in cyber and technology-related fraud losses, which hit GH¢10 million in 2024 after hitting a record of GH¢8.9 million the year before, the deputy governor insisted that a single ecosystem was now required.

He called during yesterday’s launch of the Accra-based Financial Industry Command Security Operations Centre (FICSOC) Stakeholder Forum.

The Forum
Industry participants at the forum included banks, fintechs, technology providers, the Ghana Association of Bankers (GAB), and the Cyber Security Authority.

Participants at the Stakeholder Forum for the Financial Industry Command Security Operations Center

It established a forum for interested parties to exchange ideas regarding the Financial Industry Command Security Operations Center’s growth.

The digital revolution
According to Dr. Mumuni, cooperation was just as important to the nation’s financial system’s resilience as innovation and regulation.

According to the deputy governor, the financial system has changed as a result of the digital revolution, creating opportunities for both innovation and vulnerability.

Global financial cyberattacks increased by 38% in 2023, he added, and yearly money laundering volumes topped $2 trillion.

Ghana is not an exception. According to the Bank of Ghana’s 2024 Fraud Report, losses from cyber and technology-related fraud increased to about GH¢10 million in 2024 from GH¢8.9 million the year before.

We are currently at a turning point in the development of financial services.

Deeper integration in the financial sector is now necessary rather than optional as technology develops and our economies grow more intertwined, he stated.

In order to provide seamless services, he continued, it was essential to integrate platforms and systems across institutions, especially in order to reach Ghana’s millions of unbanked citizens and introduce them to the official financial system.

Taking on the dangers
As industry participants embrace the potential of digital inclusion, Dr. Mumuni clarified, it is necessary to address the concerns it poses, especially with regard to cybersecurity.

According to him, any new avenue for financial empowerment might also serve as a point of entry for bad actors.

Risks associated with cyberspace are unique.

They are borderless, adaptable, and cunning.

Because of our reliance on interconnection for efficiency and size, a single weakness in one institution can escalate into systemic dangers.

“Operations, security, and the privacy of stakeholders across multiple institutions — regulators, partners, vendors, and customers alike — could be compromised by a breach in one part of our financial ecosystem,” he stated.

No single institution, no matter how big or well-resourced, could handle these threats alone, he said, so cooperation was essential. “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 and has made significant investments in cybersecurity over the years, not just for compliance but also to build a foundation of trust and resilience for collective progress,” he added.

The FICSOC
“The 2018 release of the Cyber and Information Security Directive (CISD)—a daring move to set clear expectations, strengthen accountability, and harmonize cybersecurity standards across the financial sector—was a cornerstone of this effort,” he stated.

According to him, the directive assisted organizations in shifting from reactive to proactive approaches, allowing them to foresee and address new dangers.

As a result, the Financial Industry Command Security Operations Centre was established, significantly improving our situational awareness as a group.

“Now, participating institutions are able to share event reports quickly, monitor risks in real time, and coordinate responses more quickly and effectively.

It is a real-life illustration of how teamwork fosters resilience.

“Yes, we are stronger, smarter, and faster when we work together,” he continued.

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