BoG Deputy Governor urges stronger tech partnerships to tackle cyber threats

The First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, has called for deeper collaboration between financial institutions and technology service providers to strengthen Ghana’s financial ecosystem against rising cyber threats.

Speaking at the Financial Industry Command Security Operations Center (FICSOC) Stakeholder Forum in Accra, Dr. Mumuni emphasized the importance of building a unified and resilient digital finance landscape. He noted that as financial systems become increasingly interconnected, vulnerabilities in one institution can expose the entire sector to cascading threats.

He cited BoG’s 2024 Fraud Report, which recorded cyber and technology-related losses of nearly GH¢10 million—an increase from GH¢8.9 million in 2023. Globally, cyberattacks on financial systems rose by 38% last year, while money laundering flows surpassed $2 trillion.

The Deputy Governor stressed that collaboration was no longer optional. “No institution can tackle these threats alone. We must share intelligence, harmonize standards, and develop robust systems,” he said.

The Stakeholder Forum brought together key players including the Cyber Security Authority, Ghana Association of Bankers, fintechs, and other technology providers. It focused on expanding the capabilities of FICSOC, which was established following BoG’s 2018 Cyber and Information Security Directive (CISD).

According to Dr. Mumuni, the CISD has shifted institutions from reactive to proactive cybersecurity approaches, leading to the creation of FICSOC—a central monitoring hub that enables real-time threat detection, incident sharing, and coordinated response among financial institutions.

He concluded by calling for integrated platforms that can deliver seamless services, expand financial inclusion, and build trust. “As we advance digital finance, our systems must be not only innovative but secure. That’s the future we must build—together,” he added.