Cybersecurity must be core to financial governance – BoG First Deputy Governor

The First Deputy Governor of the Bank of Ghana (BoG) Dr. Zakari Mumuni has said Africa losses an estimated US$4 billion each year to cyber fraud.

Dr. Mumuni, made the disclosure during his address at the 2025 Africa Financial Inclusion Policy Initiative (AfPI) meetings held in Accra. He called for urgent reforms to protect the integrity of the continent’s digital financial ecosystem.

The high-level roundtable, co-hosted by the Bank of Ghana and the Alliance for Financial Inclusion (AFI), brought together regulators, policymakers, and financial leaders from across the continent under the theme: “Strengthening Cyber Resilience in Digital Financial Services in Africa: The Role of Financial Regulators.”

Dr. Mumuni emphasized the magnitude of cybercrime’s impact and the strategic threat it poses to Africa’s financial infrastructure.

“Cybercrime is not a distant risk. It is a present danger. In 2022, for instance, in Ghana alone, we recorded over 21,000 cyber fraud attempts in the financial sector, most targeting digital platforms.

Across Africa, the cost of cybercrime is estimated to have exceeded $4 billion annually, according to Interpol. And this reality underscores a simple truth. Financial inclusion without system integrity is unsustainable.

Cybersecurity is no longer an IT issue. It is a strategic imperative at the core of financial governance,” he said.

His remarks resonated strongly with the forum’s central message: that financial inclusion cannot be achieved or sustained without robust cybersecurity frameworks.

Echoing this call, CEO of the Alliance for Financial Inclusion, Dr. Alfred Hannig, highlighted the importance of ensuring that the poorest and most vulnerable are not left exposed in the digital transformation.

“Digitalization is transforming economies and the financial ecosystem fast. As a matter of fact, as we all know and we all enjoy, financial services have become more accessible to lower-income individuals, costs have been reduced and service quality has been improved, and service reach has been broadened.

We do recognize that the rise, especially of digital payments and transfers, has been one of the key developments driving the rapid increase of access and usage on the continent.

However, we also realize that there are risks of technologies. Technologies come with risks which, as you all know, could have dramatic consequences, especially for the vulnerable. Because if we don’t get it right, poor people can lose the little they have in just one day,” Dr. Hannig stated.

The 14th Annual AfPI Roundtable served as a platform for regulators and financial sector leaders from AFI member institutions to deliberate on policy actions, share insights, and propose solutions for strengthening digital financial security.

The growing threat of cyberattacks, especially in an era of rapid digital adoption, is now seen as a continental challenge requiring collaboration, innovation, and proactive regulation.

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