The International Police (Interpol) has estimated that, the cost of cybercrime across Africa is in excess of US$4.0 billion annually.
This is evident locally as the Bank of Ghana reports indicates that, in 2022, Ghana recorded over 21,000 cyber fraud attempts in the financial sector, most targeting digital platforms.
First Deputy Governor of the Bank of Ghana, Dr Zakari Mumumi has posited that, cybercrime is not a distant risk; it is a present danger, recalling that, in 2018, the bank issued one of the continent’s earliest Cyber and Information Security Directives for financial institutions, mandating risk-based frameworks, incident response protocols, and regulatory reporting.
“This reality underscores a simple truth: financial inclusion without system integrity is unsustainable. Cybersecurity is no longer an IT issue, it is a strategic imperative at the core of financial governance”, Dr Mumuni, said.
“Public trust, institutional confidence, and systemic stability now hinge on our ability to anticipate, withstand, and respond to cyber risks,” he said at the 14th AFI leaders’ roundtable discussion on the theme “Strengthening cyber resilience in digital financial services in Africa.”
Dr Zkarai noted that the Central Bank has long recognised this imperative.
“Today, over 40 financial institutions are integrated into our Financial Industry Security Operations Centre (FINSOC), enabling real-time threat detection and response,” he said.
The BoG conducts annual cybersecurity maturity assessments, using international frameworks like NIST and COBIT-5, to inform supervisory action and identify systemic gaps. In 2024, over 40% of assessed entities showed critical vulnerabilities particularly in access control and incident response.
“We are addressing these gaps with targeted interventions. Critically, we are not acting alone. We continue to work closely with Ghana’s Cyber Security Authority, the World Bank, INTERPOL, and the Africa Cybersecurity Resource Centre to bolster expertise and coordinate responses at scale,” he said.
To demonstrate this commitment, he recalled that in 2023, Ghana joined the African Development Bank’s AFAWA initiative, supporting financial institutions to unlock credit for women entrepreneurs through risk-sharing instruments and technical assistance.
Even more significantly, he said, under the leadership of President John Dramani Mahama, Ghana is establishing a Women’s Development Bank, with seed capital of GHc 51.3 million allocated in the 2025 budget.
“This institution will directly address the persistent credit gap faced by women-led businesses particularly in agriculture, trade, and tech,” Dr Mumuni said.
He added that these initiatives reflect our belief that women’s financial inclusion is not a social obligation, but a smart economic strategy.
“The digital financial future we envision is rich with promise, but that promise will only be realized if it is anchored in systems that are trusted, inclusive, and secure.
“The work we’ve done this week, the insights shared, the tools exchanged, the partnerships renewed, are powerful signals of what is possible when we lead together. I am confident that we have the will and the wisdom to build a resilient financial future for all Africans,” he said.
Adnan Adams Mohammed
