Accra: Dr Zakari Mumuni, the first Deputy Governor of the Bank of Ghana, has called for collaboration among African countries to build a resilient financial system free from cyber attacks. Speaking at the 14th Annual Roundtable of the Leaders of the African Financial Inclusion Policy Initiative, Dr Mumuni said collective commitment was required to safeguard the integrity, resilience, and inclusiveness of Africa's financial systems in the fast-evolving digital era.
According to Ghana News Agency, Dr Mumuni emphasized that cybersecurity threats do not respect national boundaries, and no single country can confront them alone. He highlighted the importance of peer learning, harmonized supervision, and shared intelligence to create a collective response tailored to regional realities. Dr Mumuni urged for investments in common frameworks for early warning and incident reporting, scenario-based preparedness exercises, proportionate regulation for fintechs and e-money providers, and cooperative cross-border response mechanisms.
Cybersecurity, Dr Mumuni insisted, must be embedded into financial inclusion strategies as a foundational element rather than an afterthought. Protecting vulnerable consumers with clear safeguards, inclusive product design, and strong redress mechanisms was emphasized. He called for investments in supervisory capabilities and digital infrastructure to stay ahead of evolving threats and deepen regional cooperation, asserting that the resilience of one is the protection of all.
Dr Mumuni reflected on the digital financial future envisioned for the continent, emphasizing that its promise could only be realized through inclusive and skilled systems. Digital financial services like mobile money and digital credit are transforming lives and empowering small businesses while extending financial reach to previously excluded populations. However, this transformation also introduces new risks, as the technologies enabling access to innovation also expose systems to sophisticated cyber threats.
Regulators now face the dual responsibility of promoting inclusion while defending the integrity and resilience of financial infrastructure. Ghana recorded over 21,000 cyber fraud attempts in the financial sector in 2022, primarily targeting digital platforms. Across Africa, cybercrime costs are estimated to have exceeded $4 billion annually, according to Interpol.
Dr Mumuni stressed that financial inclusion without system integrity is unsustainable. Cybersecurity is a strategic imperative at the core of financial governance, with public trust, institutional confidence, and systemic stability hinging on the ability to anticipate, withstand, and respond to cyber threats.
The Bank of Ghana has been proactive in addressing these threats, issuing one of the continent's earliest cyber and information security directives for financial institutions. Over 40 financial institutions have been integrated into the Financial Industry Security Operations Center for real-time threat detection and response. In 2024, more than 40% of assessed entities showed critical vulnerabilities, particularly in access, control, and incident response, prompting targeted interventions in collaboration with Ghana's cybersecurity authority, the World Bank, Interpol, and the Africa Cyber Security Resource Center.
The BoG is also strengthening consumer protection, expanding financial literacy, and partnering with various organizations to promote digital safety. In 2023, Ghana joined the African Development Bank's AFAWA initiative to unlock credit for women entrepreneurs. Plans for a Women's Development Bank with seed capital from the 2025 budget are underway to address the credit gap faced by women-led businesses.
Dr. Alfred Haning, the CEO of AFI, highlighted the transformative impact of digitalization on economies and financial ecosystems. However, he warned of the dramatic consequences of technology risks, especially for vulnerable populations. With cyber attacks in Africa increasing by nearly 150% in the past year, coordinated efforts are needed to build cyber resilience, enhance regulatory frameworks, and protect Africa's digital future.
The Roundtable on the theme: 'Strengthening Cyber Resilience in Digital Financial Services in Africa: The Role of Financial Regulators' provided a platform for leaders from AFI member institutions in Africa to engage in discussions on enhancing cyber resilience in digital financial services. The dialogue focused on the role of financial regulators in policy formulation, risk management, regulatory compliance, and cross-border cooperation to foster a secure, inclusive, and sustainable digital financial ecosystem.
