Cybersecurity threats and online fraud in Ghana are increasing nearly as quickly as the adoption of digital financial services, the Bank of Ghana (BoG) has warned.
At a stakeholder workshop on the Draft National Payment Systems Strategy (2025–2029), Dr. Zakari Mumuni, First Deputy Governor of BoG, said the rapid growth of mobile money, online banking, and fintech platforms has brought significant benefits, including greater convenience and financial inclusion, but has also created new vulnerabilities.
“We must not allow these risks, though formidable, to erode the considerable progress we have made. Our collective resolve, spanning regulators, innovators, and industry stakeholders, is stronger than the challenges confronting us,” Dr. Mumuni said. He emphasized that trust and integrity in the digital financial ecosystem are critical for sustaining growth.
To mitigate these risks, the BoG is promoting measures such as open banking frameworks, electronic Know Your Customer (eKYC) systems, trusted digital identity platforms, and public digital infrastructure that lower barriers for new participants and expand access to financial services.
Dr. Mumuni highlighted that the 2025–2029 strategy is a transformative step, not just a continuation of previous efforts. It aims to strengthen resilience, enhance inclusion, and ensure the country’s payment systems are secure and globally competitive.
He also called for closer collaboration among banks, fintechs, regulators, and technology providers, stressing that collective vigilance is essential to counter fraud and safeguard users.
