The Bank of Ghana (BoG) has called for a more robust integration of cybersecurity protocols across Africa’s financial sector, emphasizing the importance of cross-border collaboration to effectively address the rising tide of cyber threats.
This call comes amid increasing cyber-related incidents, which the BoG warns are becoming significant barriers to advancing financial inclusion, especially for vulnerable populations.
Speaking on behalf of the Governor at the 2025 African Financial Inclusion Policy Initiative (AfPI) meetings held on Friday, June 20, the First Deputy Governor, Dr. Zakari Mumuni, stressed the need for coordinated regional efforts to curb the risks.
“Cybersecurity threats do not respect borders. No country, no matter how advanced, can tackle them in isolation. Regional coordination through platforms like AFI is essential,” Dr. Mumuni stated.
He emphasized the role of peer learning, harmonized supervision, and shared intelligence in crafting a collective response tailored to Africa’s unique financial landscape. According to Dr. Mumuni, investing in common early warning systems, scenario-based preparedness drills, and proportionate regulation for Fintech and E-money providers is vital. He also highlighted the need for cooperative cross-border response mechanisms.
Dr. Alfred Hannig, Executive Director of the Alliance for Financial Inclusion (AFI), echoed the urgency, pointing out that while technological advancements hold promise, they also introduce significant risks—especially for low-income populations.
“If we don’t get it right, poor people can lose the little they have in just one day. That’s why resilience is crucial as we push for digital financial inclusion,” Dr. Hannig noted.
The event, the 14th Annual AfPI Leaders’ Roundtable, brought together key financial policymakers and stakeholders from across the African sub-region to deliberate on strategies to enhance financial inclusion while safeguarding against cybersecurity threats.
