As the financial sector undergoes rapid digital transformation, the Bank of Ghana (BoG) has announced a renewed and aggressive push to fortify cyberse
As the financial sector undergoes rapid digital transformation, the Bank of Ghana (BoG) has announced a renewed and aggressive push to fortify cybersecurity systems across banks and payment platforms.
The development comes against the backdrop of rising cyber threats globally and in Ghana, where the shift to mobile money, online banking, and cashless payments has outpaced the sector’s defensive capabilities.
This latest intervention builds on a series of cybersecurity directives issued by the Central Bank since 2018, when Ghana recorded a surge in financial cyber fraud linked to the proliferation of fintech services.
In 2020, BoG introduced the Cyber and Information Security Directive for banks and specialized deposit-taking institutions—marking its first comprehensive regulatory framework on digital security.
However, with cybercriminals becoming more sophisticated and digital adoption expanding even faster, regulators say the sector requires more advanced, multi-layered protections.
Addressing the Visa–Bank of Ghana Cybersecurity Summit in Accra on behalf of Governor Dr. Johnson Asiama, Acting Head of Information Security Daniel Klu stated that the Bank is deploying a strengthened oversight regime designed to anticipate and neutralize emerging threats.
He said the new measures will include enhanced monitoring infrastructure, stricter supervisory controls, and targeted interventions for institutions most exposed to attacks.
According to Klu, cybercriminals are exploiting the accelerating digitalization, adapting their methods to breach both traditional banking systems and new fintech platforms.
“We are tracking emerging risks closely and rolling out targeted measures to bolster the security of the entire ecosystem,” he stressed, noting that the financial sector must remain proactive rather than reactive.
The summit brought together global cybersecurity specialists, technology providers, and financial industry leaders to analyze fraud patterns plaguing digital transactions and to propose innovations that will keep the sector ahead of attackers.
Visa Ghana’s Country Manager, Fabrice Konan, cautioned that the success of Ghana’s digital finance agenda depends on public trust, which can quickly erode if the sector fails to keep pace in tackling cybercrime.
Delivering a technical presentation, Irene Auma, Visa’s Head of Risk for Sub-Saharan Africa, explained that artificial intelligence is redefining fraud prevention across global payment systems.
She highlighted that AI-driven tools can monitor billions of data points in real time, detect anomalies, map out new fraud networks, and stop suspicious transactions before they escalate into major breaches.
“Artificial intelligence gives us the speed and accuracy needed to detect fraud before it causes widespread damage,” she emphasized.
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