As mobile money and other digital financial services become more widely used in Ghana, the growing volume of online transactions is increasing the financial sector’s exposure to cyber threats, the Bank of Ghana (BoG) has said.
Speaking at the official opening of the 2026 National Cyber Security Awareness Month, the Bank’s Director of Information Security, Daniel S. Klu, said the scale of digital financial activity had created both opportunities for inclusion and a larger target for cybercriminals.
Mr Klu, who represented the Governor of the Bank of Ghana at the event, said mobile money balances reached about GH¢40 billion in June 2026, while platforms processed 954 million transactions valued at approximately GH¢492.9 billion during the month.
BoG data shows that registered mobile money accounts stood at about 85 million, with more than one million registered agents.
“These are not simply statistics. They represent millions of Ghanaians, including many outside the traditional banking system, trusting digital channels with their daily livelihoods, their savings, and their businesses,” Mr Klu said.
He said the rapid expansion of digital finance had also widened the surface area available to those seeking to exploit digital platforms.
Figures presented during the event showed that the CSA recorded 3,900 cybersecurity incidents between January and July 2026, with nearly half linked to online fraud.
Mr Klu also cited an increase in fraud cases reported by banks and payment system service providers in 2025, with the value of funds placed at risk exceeding GH¢100 million among payment service providers.
He said the BoG had responded by strengthening its regulatory framework, including the revised Cyber and Information Security Directive issued in April 2026.
The revised framework includes requirements relating to artificial intelligence and machine learning, cloud computing, data localisation and accountability for cyber risk, while applying proportional requirements based on the size of financial institutions.
The central bank is also strengthening sector-wide intelligence sharing through the Financial Industry Command Security Operations Centre.
Mr Klu said the initiative would allow financial institutions to share real-time threat intelligence and improve their ability to identify and respond to emerging threats.
The BoG has also established a digital forensic laboratory to support the preservation, acquisition and analysis of digital evidence in cyber incidents and financial fraud investigations.
The laboratory is expected to support the central bank, financial institutions, the CSA and law enforcement agencies with digital evidence, malware, network and email forensics, data recovery and other specialised services.
Mr Klu said the central bank was also developing a fraud intelligence hub to give financial institutions a sector-wide view of emerging fraud patterns and threats.
“Through this initiative, we are moving towards a more collaborative and intelligence-led approach to combating financial fraud and strengthening resilience in Ghana’s financial sector,” he said.
He urged financial institutions and consumers to treat cybersecurity as a shared responsibility, particularly as digital finance becomes increasingly embedded in everyday economic activity.
