By Issah Olegor
At the 14th Alliance for Financial Inclusion (AFI) Leaders’ Roundtable held in Accra, Ghana made a bold call for African nations to place cybersecurity at the heart of digital financial inclusion policies, warning that the promise of financial access will be undermined without robust, trusted, and secure digital ecosystems.
Delivering a keynote address on behalf of the Governor of the Bank of Ghana, Dr. Zakari Mumuni, First Deputy Governor, highlighted the urgency of bolstering cyber resilience in the face of rising threats targeting Africa’s expanding digital financial landscape.
Digital Progress With a Hidden Risk
Across Africa, the explosion of digital financial services—from mobile money to online credit platforms—has significantly expanded access to financial services. Ghana alone has seen mobile money accounts surpass 70 million, transforming access for previously excluded groups.
However, this rapid transformation has come with growing cyber risks.
“Cybercrime is not a distant risk; it is a present danger,” Dr. Mumuni emphasized. Citing data from 2022, he revealed that over 21,000 cyber fraud attempts were recorded in Ghana’s financial sector in a single year, the vast majority targeting digital platforms.
Interpol estimates Africa’s total annual cybercrime losses at over $4 billion, a staggering figure that underscores how exposed financial systems have become to digital vulnerabilities.
Ghana’s Proactive Cybersecurity Blueprint
Ghana has been at the forefront of financial cybersecurity reform. In 2018, the Bank of Ghana became one of the first on the continent to issue Cyber and Information Security Directives, compelling financial institutions to adopt comprehensive cyber risk frameworks.
Since then, the central bank has integrated more than 40 financial institutions into a Financial Industry Security Operations Centre (FINSOC) to detect and respond to threats in real time.
In 2024, cybersecurity assessments found critical weaknesses in access control and incident response in over 40% of institutions—prompting targeted regulatory interventions.
Ghana’s strategy is also collaborative. The Bank of Ghana works closely with INTERPOL, the World Bank, Ghana’s Cyber Security Authority, and the Africa Cybersecurity Resource Centre, combining local oversight with global expertise.
Putting Consumers at the Centre of Resilience
Dr. Mumuni stressed that cyber resilience must begin and end with the consumer. As more Ghanaians, particularly in rural areas, adopt digital financial services, complaints about fraud, failed transactions, and service disruptions have increased.
To address this, the Bank of Ghana has launched a multifaceted strategy:
Enhanced consumer protection standards
Financial literacy programs, especially targeting women, youth, and underserved communities
Partnerships with schools, churches, mosques, and civil society to spread digital safety awareness
“Our efforts are rooted in the belief that inclusion must be trusted. Trust in the system, trust in service providers, and trust that grievances will be resolved fairly,” he said.
Gender-Inclusive Finance Takes Centre Stage
Going beyond infrastructure and regulation, the Bank of Ghana also used the platform to unveil Ghana’s growing commitment to gender-inclusive financial access.
In 2023, Ghana joined the AFAWA initiative of the African Development Bank, helping financial institutions extend credit to women-led businesses.
Under the 2025 national budget, the Mahama-led government has also announced the creation of a Women’s Development Bank, capitalized with GHS 51.3 million, to close the persistent financing gap for female entrepreneurs, especially in agriculture, commerce, and technology.
“This is not just a matter of fairness; it is a smart economic strategy,” Dr. Mumuni noted.
Cybersecurity Is a Regional Imperative
A major highlight of Dr. Mumuni’s remarks was the emphasis on regional cooperation.
He warned that cyber threats do not respect borders, and that no African country can afford to face these challenges alone.
He called for more coordination through AFI, the African Financial Inclusion Policy Initiative (AfPI) and other platforms to harmonize:
Early warning systems
Incident reporting frameworks
Proportionate regulation for fintechs and e-money providers
Cross-border cyber response mechanisms
Ghana is also actively engaged in international standard-setting bodies including the FSB, CPMI-IOSCO, and the G7 Cyber Experts Group to ensure Africa’s realities are factored into global frameworks.
The Road Ahead: Security as the Foundation of Inclusion
In his closing remarks, Dr. Mumuni issued a call to action for all policymakers and financial sector actors on the continent:
“Let us embed cybersecurity into every financial inclusion strategy—not as an afterthought, but as a foundation.”
He urged African nations to invest in digital infrastructure, consumer safeguards, redress systems, and the supervisory capacity needed to defend against emerging threats.
The Accra Roundtable, which drew top financial regulators, policymakers, and cybersecurity experts from across the continent, served as a wake-up call that Africa’s digital financial future hinges not just on access—but on trust and security.
