Central Bank Urges Cybersecurity Overhaul to Safeguard Digital Finance on the Continent
Ghana’s central bank has sounded the alarm on rising cyber threats to Africa’s rapidly digitising financial systems, calling for coordinated regional action to strengthen cyber resilience as digital financial services expand across the continent.
Speaking on behalf of the Governor at the 14th AFI Leaders’ Roundtable in Accra, First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, underscored the dual challenge of deepening financial inclusion while safeguarding the integrity of financial infrastructure.
“The technologies enabling access and innovation also expose our systems to sophisticated cyber threats. Financial inclusion without system integrity is unsustainable,” Dr. Mumuni stated, warning that cybercrime had become a “present danger” to the continent’s financial future.
Ghana’s financial sector alone recorded over 21,000 cyber fraud attempts in 2022, with most targeting digital platforms. Across Africa, losses from cybercrime are estimated to exceed $4 billion annually, according to INTERPOL.
To confront these risks, the Bank of Ghana has implemented a series of reforms aimed at embedding resilience into the financial system. These include the issuance of a Cyber and Information Security Directive in 2018, and the establishment of the Financial Industry Security Operations Centre (FINSOC), which now connects over 40 financial institutions to real-time threat detection systems.
Dr. Mumuni revealed that the central bank’s latest assessments showed that over 40% of institutions still exhibited “critical vulnerabilities,” particularly in access control and incident response. These gaps are now being addressed through targeted interventions, and in partnership with international bodies including the World Bank and the Africa Cybersecurity Resource Centre.
The Deputy Governor also stressed the importance of consumer trust in driving digital adoption. With mobile money accounts surpassing 70 million, the central bank is intensifying efforts around consumer protection, financial literacy, and digital safety awareness, particularly targeting women, youth, and underserved communities.
“Complaints about failed transactions, fraud, and service disruptions are rising. Inclusion must be built on trust—trust in the system, in providers, and in grievance mechanisms,” he noted.
Gender inclusion also took centre stage at the Roundtable, with Ghana announcing the establishment of a Women’s Development Bank, backed by GHS 51.3 million in seed capital under the 2025 national budget. The bank aims to bridge the persistent financing gap for women-led businesses, particularly in agriculture, trade, and technology.
Dr. Mumuni concluded with a regional call to action, urging African regulators to intensify cooperation through platforms like the Alliance for Financial Inclusion (AFI) and the African Financial Inclusion Policy Initiative (AfPI). He highlighted the need for harmonised cyber risk frameworks, shared intelligence systems, and proportionate regulation for fintech and e-money providers.
“Africa’s voice must be heard at global standard-setting bodies. The digital financial future we envision will only be realised if it is trusted, inclusive, and secure,” he said.
The AFI Leaders’ Roundtable brings together central bank governors and financial policymakers from across Africa and the global south to align policy responses on financial inclusion, fintech regulation, and cybersecurity. This year’s edition, hosted in Accra, placed cybersecurity at the heart of Africa’s digital finance transformation agenda.
