Cyber threats are fast undermining progress in financial inclusion efforts, as digital fraud incidents soar and systemic vulnerabilities in the country’s financial system persist.
In fact, digital fraud incidents in the country have surged significantly during recent times, with financial losses from cyber fraud reaching GH₵4.4million in the first quarter of 2025 alone – nearly doubling a GH₵2.4million loss for the same period in 2024.
First Deputy Governor Dr. Zakaria Mumuni, speaking on behalf of Governor Dr. Johnson Pandit Asiama at the Africa Inclusion Policy Initiative (AfPI) roundtable in Accra, noted that more than 21,000 cyber fraud attempts were recorded by Ghana’s financial sector in 2022 alone, mostly targetting digital platforms.
This growing threat, he said, is eroding public trust and could reverse the continent’s inclusion gains. Dr. Mumuni said financial inclusion without system integrity is unsustainable.
Consequently, the deputy Governor emphasised that cybersecurity can no longer be seen as only an IT issue but must be treated as a strategic imperative for financial governance.
The rapid expansion of digital financial services, particularly mobile money, has deepened inclusion across the continent; but has also created new entry points for fraud and operational risks. For instance, Interpol estimates that cybercrime costs Africa over US$4billion annually.
In Ghana alone, mobile money accounts now exceed 70 million, introducing millions of first-time users into the formal financial system.
BoG has responded with a series of regulatory and supervisory initiatives. In 2018, it issued one of Africa’s earliest cyber and information security directives for financial institutions.
Currently, over 40 institutions are connected to the Financial Industry Security Operations Centre (FINSOC), enabling real-time threat detection and response.
The bank also conducts annual cybersecurity maturity assessments based on global frameworks such as NIST and COBIT 5.
The assessments, however, continue to reveal significant gaps.
The bank is also strengthening consumer protection measures in the face of mounting complaints over failed transactions, fraud and service disruptions.
