Bank of Ghana Boosts Cybersecurity to Protect Mobile Money Users

The Bank of Ghana (BoG) has acknowledged that the growing use of technology in the financial sector brings new risks, especially from cybercrime. According to the First Deputy Governor, Dr Zakari Mumuni, the Bank has been working to protect both financial institutions and consumers.

Speaking recently, Dr Mumuni said the BoG has been taking action for several years. “In 2018, the BoG issued one of the continent’s earliest Cyber and Information Security Directives for financial institutions, mandating risk-based frameworks, incident response protocols, and regulatory reporting,” he said.

Today, more than 40 financial institutions are part of the Financial Industry Security Operations Centre (FINSOC), which helps detect and respond to threats in real time.

He also noted that the BoG is not working alone. “We continue to work closely with Ghana’s Cyber Security Authority, the World Bank, INTERPOL, and the Africa Cybersecurity Resource Centre to bolster expertise and coordinate responses at scale,” he added.

Dr Mumuni pointed out that consumers are the focus of all these efforts. “In Ghana, mobile money accounts now exceed 70 million, introducing millions of first-time users into formal finance. But with this growth comes greater exposure. Complaints about failed transactions, fraud, and service disruptions are rising,” he said.

To respond to these concerns, the Bank has taken several steps. These include improving consumer protection systems like better complaint resolution processes and clearer information from service providers. The BoG is also investing in financial education, especially for women, young people, and underserved communities. It is working with schools, churches, and civil society groups to teach people about digital safety.

“We believe that inclusion must be built on trust, trust in the system, trust in providers, and trust that grievances will be addressed fairly and swiftly,” Dr Mumuni said.

As digital financial services continue to expand, the BoG says it is committed to making sure that safety, trust, and fairness grow along with them.

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