Rising Cybersecurity Threats Must Not Undermine Ghana’s Digital Financial Progress – Dr. Zakari Mumuni Warns
The First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, has cautioned that Ghana’s financial sector must not allow rising cybersecurity threats and online fraud to undermine the significant progress achieved in the country’s digital financial ecosystem.
Speaking at the 2025 National Payment Systems Workshop in Accra, Dr. Mumuni highlighted that as the adoption of digital financial services accelerates, the country has witnessed a corresponding surge in cyber-related risks that could potentially erode public confidence in the financial system.
“We have observed a surge in cybersecurity threats and online fraud as the adoption of digital financial services accelerates, almost mirroring the pace of growth in digital transactions. We must not allow these risks, though formidable, to erode the considerable progress we have made,” he stated.
According to him, over the past five years under the National Payment Systems Strategy (2019–2024), Ghana has made remarkable strides in modernising its payment infrastructure, expanding digital payment channels, and deepening interoperability across platforms. These developments, he said, have enhanced financial inclusion, empowered consumers, and positioned Ghana among Africa’s leaders in payment systems innovation.
Dr. Mumuni noted that the Central Bank’s collaborative efforts with industry stakeholders have fostered trust and innovation through strengthened regulatory frameworks that continue to shape a resilient and forward-looking financial ecosystem.
However, he stressed that the journey towards a fully modernised and secure payment environment is far from complete, citing the ongoing transformation of the global financial landscape driven by virtual assets and tokenisation technologies.
“We are now witnessing a transformative shift in the global financial landscape, driven by the rise of virtual assets and the rapid advancement of tokenisation technologies. These are redefining how economies operate and how value is created, exchanged, and distributed,” he remarked.
He added that while interoperability in payment systems promotes efficiency, convenience, and improved access to financial services, it also raises critical issues around market competition, inclusiveness, financial stability, and systemic resilience.
To address these emerging challenges, he said, policymakers and regulators are adopting forward-looking strategies that preserve innovation while ensuring stability. These include promoting open banking through data interoperability, developing public digital infrastructure, and implementing electronic Know Your Customer (eKYC) frameworks and trusted digital identity systems to lower entry barriers for non-bank participants.
The First Deputy Governor further disclosed that the Bank of Ghana will soon roll out the new National Payment Systems Strategy (2025–2029), which he described as both a continuation and a transformation of the previous strategy.
“The transition to the new National Payment Systems Strategy (2025–2029) represents not just continuity, but transformation. 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 affirmed.
The new strategy is expected to strengthen Ghana’s position as a leader in digital payments across Africa, enhance cybersecurity resilience, and deepen the country’s financial inclusion agenda.
