The Bank of Ghana (BoG) has raised concerns that increasing cyber threats are jeopardizing progress in financial inclusion, as digital fraud continues to escalate and systemic weaknesses persist within the financial ecosystem.

Delivering remarks on behalf of Governor Dr. Johnson Pandit Asiama at the Africa Inclusion Policy Initiative (AfPI) roundtable in Accra, First Deputy Governor Dr. Zakari Mumuni revealed that cyber fraud led to losses of GH¢4.4 million in the first quarter of 2025—almost double the GH¢2.4 million recorded during the same period in 2024.

He cited alarming figures, including over 21,000 cyber fraud attempts recorded in 2022 alone, mostly targeting digital platforms. “Cybercrime is not a distant risk—it is a present danger,” Dr. Mumuni warned, stressing that financial inclusion without system integrity is ultimately unsustainable.

Dr. Mumuni emphasized that cybersecurity can no longer be treated as an IT concern, but must now be seen as a strategic imperative for sound financial governance.

Interpol estimates that cybercrime costs the African continent over US$4 billion annually. While the rapid growth of mobile money and digital financial services has driven inclusion—bringing over 70 million active mobile money accounts in Ghana alone—it has also opened new avenues for fraud and operational risk.

To combat this, the BoG has rolled out a number of regulatory and supervisory frameworks. Notably, Ghana was one of the first countries in Africa to issue Cyber and Information Security Directives in 2018. Today, more than 40 financial institutions are linked to the Financial Industry Security Operations Center (FINSOC), which enables real-time cyber threat detection and response.

Yet, challenges persist. Recent cybersecurity assessments show that over 40 percent of institutions exhibit critical vulnerabilities, especially around access controls and incident response mechanisms.

In response, the BoG is ramping up efforts in collaboration with partners including the Cybersecurity Authority, Interpol, the World Bank, and the Africa Cyber Security Resource Center.

The central bank is also reinforcing consumer protection in light of growing complaints around fraudulent transactions, service disruptions, and failed digital payments. Measures include enhanced disclosure standards, improved complaint resolution systems, and financial literacy campaigns, particularly targeting women, youth, and underserved populations.

BoG is engaging civil society, schools, and religious groups to build digital safety awareness at the grassroots level.

“We believe financial inclusion must be built on trust—trust in the system, in service providers, and in the fairness of grievance redress mechanisms,” said Dr. Mumuni.

As part of its broader inclusion strategy, Ghana has joined the African Development Bank’s AFAWA (Affirmative Finance Action for Women in Africa) initiative, aimed at improving credit access for women entrepreneurs.

The government has also committed over GH¢51 million in seed capital for a newly launched Women’s Development Bank, targeting female-led ventures in agriculture, trade, and technology.

Also speaking at the event, Dr. Alfred Hannig, CEO of the Alliance for Financial Inclusion (AFI), echoed concerns about the rising tide of cyber threats, warning that attacks have surged by 150 percent across Africa in the past year alone, resulting in billions of dollars in losses.

He stressed the need for regional coordination, intelligence-sharing, and harmonized regulatory responses, noting that low-income individuals are particularly vulnerable.

AFI is now integrating cybersecurity as a central pillar in its AfPI work plan, and is advocating for cross-border collaboration to ensure systemic resilience.

BoG is calling on international stakeholders, including the Financial Stability Board and the G7 Cyber Experts Group, to elevate cybersecurity in global financial inclusion strategies.

“Let us embed cybersecurity into our inclusion strategies—not as an afterthought, but as a foundation. Resilience in one country protects us all,” Dr. Mumuni concluded.