The Bank of Ghana (BoG) has disclosed that more than 40 financial institutions are now linked to its Financial Industry Security Operations Centre (FINSOC), a system designed to enable real-time threat detection and response to safeguard the financial sector.
This initiative comes as Ghana intensifies efforts to tackle cybersecurity threats associated with rapid digital growth and financial innovation.
Speaking during the 14th Alliance for Financial Inclusion (AFI) Leaders’ Roundtable in Accra on June 20, First Deputy Governor Dr. Mumuni Zakari noted that the BoG has long anticipated the risks posed by evolving technologies.
He recalled that, “in 2018, we 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.”
Highlighting the transformation brought about by digital finance, Dr. Zakari said services such as mobile money, agency banking and digital credit continue to reshape Ghana’s financial landscape by increasing access and empowering marginalized communities. However, he warned that these developments come with heightened cyber risks.
He stressed that regulators now face a dual challenge: “to promote inclusion while defending the integrity and resilience of our financial infrastructure.”
Citing the theme of the Roundtable, “Strengthening Cyber Resilience in Digital Financial Services in Africa,” Dr. Zakari described cybercrime as “a present danger,” adding that in 2022 alone, Ghana recorded over 21,000 cyber fraud attempts, most of which targeted digital platforms. According to Interpol, cybercrime costs across Africa are estimated to exceed $4 billion annually.
“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. Public trust, institutional confidence, and systemic stability now hinge on our ability to anticipate, withstand, and respond to cyber risks,” he said.
He revealed that the BoG conducts annual cybersecurity maturity assessments using international benchmarks such as NIST and COBIT-5 to evaluate vulnerabilities and guide interventions.
“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,” he noted.
Dr. Zakari added, “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.”
