Bossman Kwapong, Country Director for Mastercard Ghana, has reiterated Mastercard’s commitment to mitigating risks in the digital ecosystem by leveraging its unique bouquet of services and innovations.
According to him, cybersecurity threats continue to be the bane of most digital ecosystems, thus necessitating concerted efforts to tighten cybersecurity and harness the digital ecosystem’s full potential for economic growth.
Speaking in an interview, the Country Director said Mastercard continues to prioritise cybersecurity and fraud prevention by investing in a number of cutting-edge solutions.
“Cybercrime is a growing concern, and the African region is considered one of the most vulnerable in the world to cyber-attacks due to limited cybersecurity measures and low cybersecurity literacy levels. Recognising the seriousness of cybersecurity threats, Mastercard places a high priority on fraud prevention and has therefore invested in tailor-made strategies to contribute toward security of digital economies in the various countries where we operate.
“In this light, Mastercard – in partnership with the Ghana Cyber Security Authority – hosted its first-ever cybersecurity and fraud forum in Ghana to educate the public on the latest attack methods used by cyber-criminals; the specific assets they target; and the motivations behind their attacks. Similarly, we have also partnered with the Global Cyber Alliance to release a free online Cybersecurity Toolkit designed to arm small business owners with insights and relevant materials to enable them guard against ever-evolving cyber risks.”
Mr. Kwapong further underscored the relevance of public education in the fight against cybersecurity threats in Ghana, while highlighting Mastercard’s contribution in this regard.
“We cannot downplay the essence of public education in efforts geared toward mitigating the risks associated with our digital economy. At Mastercard, we have taken several steps to educate the public on the importance of securing their digital transactions and personal information.
“These include collaborating with government agencies and consumer advocacy groups in the development and implementation of public awareness campaigns on the essence of securing digital transactions and personal information.
“These campaigns, which are targetted at different segments of the population – such as seniors, students and small business owners – have yielded positive results so far. We have also curated educational resources such as videos, infographics and articles detailing the importance of digital security for sharing on our website and other relevant channels periodically.”
He added: “Organisations can also promote secure behaviour by offering incentives that encourage individuals to take proactive steps toward securing their digital transactions and personal information”.
Mr. Kwapong also provided insights into trends likely to impact the future of Ghana’s digital economy. He cited the growth of e-commerce activities, a surge in fintech activities and increased adoption of digital payments as key drivers likely to contribute to a revolution in Ghana’s digital ecosystem in the near-future.
“There are several key trends and developments that are likely to shape Ghana’s digital economy in the coming years. With the rise of mobile money and digital payment solutions, more Ghanaians are likely to move away from cash transactions and embrace digital payments. The e-commerce sector is also expected to experience significant growth in Ghana – driven by factors such as increased internet penetration and rising consumer demand for online shopping, alongside the growing number of start-ups leveraging technology to offer innovative financial products and services.
“Although Ghana is investing in the expansion of its digital infrastructure, Mastercard will be happy to collaborate with Ghanaian fintech startups by providing access to our payment infrastructure, expertise and resources to help these startups scale their operations. We are also open to working with government and other stakeholders to support initiatives that improve Internet access and digital literacy, among others,” he emphasised.