Cybersecurity Must Anchor Africa’s Financial Inclusion Agenda – BoG Deputy Governor

Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana (BoG), has urged African financial regulators to embed cybersecurity as a foundational element of financial inclusion, warning that digital transformation without system integrity is unsustainable.

Speaking at the 14th Annual Roundtable of the Leaders of the African Financial Inclusion Policy Initiative (AFI) in Accra, Dr. Mumuni emphasized that as digital finance continues to expand across the continent, protecting its core infrastructure must become a top priority.

“Cybercrime is not a distant threat. It is the present danger. Public trust, institutional confidence, and financial stability now hinge on our ability to anticipate, withstand, and respond to cyber threats,” he said.

He cited data showing over 21,000 cyber fraud attempts in Ghana’s financial sector in 2022 alone, most targeting digital platforms. Across Africa, losses from cybercrime have exceeded $4 billion annually, with Interpol reporting a 150% increase in cyberattacks on the continent in the past year.

Ghana’s Leadership in Cyber Resilience

The BoG, according to Dr. Mumuni, has been proactive in addressing cybersecurity risks. Ghana was among the first African countries to issue comprehensive cyber and information security directives for financial institutions. 

These directives mandate risk-based frameworks, real-time threat monitoring, incident reporting protocols, and regular supervisory assessments.

To strengthen sector-wide protection, the BoG has integrated over 40 financial institutions into its Financial Industry Security Operations Centre (FISOC), which enables coordinated threat detection and response.

“In 2024, our assessments revealed critical vulnerabilities in over 40% of institutions, especially around access control and incident response,” Dr. Mumuni disclosed. 

He said the BoG is closing these gaps through targeted interventions in collaboration with the Cyber Security Authority, World Bank, Interpol, and the Africa Cybersecurity Resource Center.

BoG also conducts annual cybersecurity maturity assessments using global benchmarks, allowing for supervisory action based on evidence and risk severity.

Cybersecurity and Inclusion: A Strategic Nexus

While digital financial services such as mobile money, digital credit, and agency banking are transforming livelihoods and empowering micro-enterprises across Africa, Dr. Mumuni warned that these same tools expose systems to advanced cyber threats.

“Regulators today must walk a tightrope, we must deepen inclusion while fortifying system resilience. This dual responsibility requires regional collaboration, harmonized supervision, and collective intelligence-sharing,” he said.

He called on fellow regulators to invest in cross-border response mechanisms, early warning systems, and simulation-based preparedness exercises. 

Crucially, he urged that fintechs and e-money issuers be brought under proportionate cybersecurity regulations.

“Cybersecurity should not be an afterthought in financial inclusion strategies. It must be embedded from the outset to protect vulnerable consumers and ensure long-term trust in digital financial services,” he stressed.

Building Trust and Gender-Inclusive Access

Dr. Mumuni underscored the importance of trust in sustaining digital inclusion. The BoG is enhancing consumer protections through grievance redress protocols, transparency standards, and targeted financial literacy campaigns, particularly for women, youth, and underserved communities.

“Inclusion without redress is exclusion in disguise. Our systems must serve the most vulnerable, not expose them,” he added.

On gender inclusion, he announced Ghana’s participation in the African Development Bank’s AFAWA initiative and the forthcoming establishment of a Women’s Development Bank with GHS51 million in seed capital to close the credit gap faced by women-led enterprises.

“These efforts reflect our belief that gender-inclusive finance is not a social concession, but a smart economic policy,” Dr. Mumuni affirmed.

AFI Calls for Collective Action

Dr. Alfred Hannig, Executive Director of AFI, echoed these sentiments, warning that cybercrime was escalating to systemic levels across Africa.

“Technology is transforming access, but also amplifying risks. We must treat cybersecurity not as a technical issue, but as a pillar of systemic stability,” he said.

According to AFI data, 58% of Africans are now deeply concerned about cybercrime, up from 29% just two years ago. “This anxiety is a clear signal that trust must be earned through protection,” Dr. Hannig added.

The Roundtable, themed “Strengthening Cyber Resilience in Digital Financial Services in Africa: The Role of Financial Regulators”, brought together leaders from across the continent to strategize on regulatory frameworks, risk management, and cooperative efforts to build secure and inclusive digital economies.

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